CADJPY Up 2 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Nears 50 and 200 Day Moving Averages

Hourly Update

(Last Updated September 17, 2020 23:14 GMT)

Currently, CADJPY’s rate is up 150 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CADJPY has now gone up 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

CADJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CADJPY is down 27 pips (0.34%) since the previous day (opening today near 79.95), marking the 2nd straight day it has gone down. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 35th 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, 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 10.9 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADJPY, with 11 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.83, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram