CADJPY Down 2 Pips Over Past Hour, Price Base in Formation Over Past 90 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated August 13, 2021 2:16 GMT)

Currently, CADJPY’s rate is down -210 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)

CADJPY is down 13 pips (0.15%) since the previous day (opening today near 88.156), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 22nd in terms of percentage change since the previous day. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 53.6 pips away. 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. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days. Also, candlestick traders! Note we see doji pattern appearing here as well.