CAD/JPY Down 3 Pips in Last Hour, Outperforms All Forex; But Still in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 23, 2021 2:0 GMT)

At the moment, CADJPY’s rate is down -340 pips (-0.04%) from the hour prior. The hourly chart shows that CADJPY has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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)

A moment of silence, please, for the end of CADJPY’s 4 day down streak; price ended yesterday up 76 pips (0.89%) to finish the day at a rate of 85.881. CADJPY outperformed all 39 assets in the Forex asset class yesterday. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that CADJPY is now close to its 20, 50 and 200 day averages, located at 86.737, 87.076 and 86.4258 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 200 day average, which is 54.5 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 7 them.