CADJPY Down 1 Pips Over Past Hour, 2 Day Up Streak Snapped; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 6, 2021 23:15 GMT)

Currently, CADJPY’s rate is down -50 pips (-0.01%) from the hour prior. CADJPY has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

CADJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of CADJPY continues; to start today, it came in at a price of 87.582, down 0 pips (0%) since yesterday. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 23rd in terms of percentage change since yesterday. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY is now close to its 20, 50, 100 and 200 day averages, located at 87.1638, 87.7205, 88.6278 and 86.0675 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 13.9 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.