CADJPY Up 6 Pips On Hourly Chart, Breaks Above 20, 50, 100 and 200 Day Averages; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated October 8, 2020 2:16 GMT)

Currently, CADJPY’s rate is up 590 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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 entered today at 79.915, up 61 pips (0.77%) from the day prior. Relative to other instruments in the Forex asset class, CADJPY ranked 5th the day prior in terms of percentage price change. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY crossed above its 20, 50, 100 and 200 day moving averages yesterday. 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 3.7 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. For additional context, note that price has gone up 8 out of the past 14 days.