CAD/JPY Down 26 Pips in Last 4 Hours, 4 Day Down Streak Snapped; in a Downtrend Over Past 90 Days

CAD/JPY 4 Hour Price Update

Updated March 31, 2020 01:07 PM GMT (09:07 AM EST)

The back and forth price flow continues for CAD/JPY, which started the current 4 hour candle off at 76.169, down 26 pips 0.35% from the last 4 hour candle. Relative to other instruments in the Forex asset class, CAD/JPY ranked 29th the last 4 hour candle in terms of percentage price change.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/JPY, which opened today priced near 76.187, is up 6 pips 0.07% since the previous day, marking a reversal from the day prior — and the end of a 4 day negative run. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 19th in terms of percentage change since the previous day. Here is a price chart of CAD/JPY.

CAD/JPY Technical Analysis

The first thing we should note is that CAD/JPY is now close to its 20 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 20 day average, which is 42.3 pips away. Volatility for CAD/JPY 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 down over that time. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADJPY, with 17 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.55, which is bullish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Going short on this one over bad datas for CAD and for continuation of this down-trend after 38.2%fib lvl touch.Any opinions on this one?? Leave a comment!!