CADJPY Up 17 Pips in Last Hour, Entered Today Down For the 3rd Consecutive Day; Sentiment Strongly Favors Buyers

Hourly Update

(Last Updated June 2, 2021 2:17 GMT)

Currently, CADJPY’s rate is up 1710 pips (0.19%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADJPY has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 50 hour moving averages have been crossed, so that price is now turning above them. 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)

CADJPY is down 12 pips (0.13%) since the previous day (opening today near 90.687), marking the 3rd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 20th 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 and 50 day averages, located at 90.1984 and 88.4789 respectively, and thus may be at a key juncture along those timeframes. 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 10 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 5, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CadJpy Approximated 40 pips surely to reach one of my resistance levels.