CADJPY Down 2 Pips in Last Hour, 4 Day Down Streak Ended; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated October 19, 2020 10:16 GMT)

At the time of this writing, CADJPY’s rate is down -240 pips (-0.03%) from the hour prior. The hourly chart shows that CADJPY has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 100 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 20, 50, 100 and 200 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)

After 4 down days, CADJPY snaps its streak, rising 13 pips (0.16%) over the past day to close at an exchange rate of 79.837. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 7th in terms of percentage change since the day prior. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY is now close to its 20, 50, 100 and 200 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 50 day average, which is 19 pips away. The clearest trend exists on the 14 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 8 them.