CADJPY Down 12 Pips On Hourly Chart, Social Sentiment Biased Towards Selling; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated May 31, 2021 2:17 GMT)

At the time of this writing, CADJPY’s rate is down -1200 pips (-0.13%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

CADJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for CADJPY, which started today off at 90.912, down 8 pips 0.09% from the day prior. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 29th for the day in terms of price change. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for CADJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 7 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CADJPY; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CAD/JPY has reached a multi-year resistance level. It looks unlikelyfor the bulls to break through this strong resistance in the first attempt.So, there might be a moderate correction soon. A sell entry@91.10-91.60 with SL above 92 and initial TP at 88 could be a possible sell signal based on the weekly chart.