CAD/JPY Down 4 Pips On Hourly Chart, Moves Down For the 4th Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 22, 2021 1:48 GMT)

At the time of this writing, CADJPY’s rate is down -370 pips (-0.04%) 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. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

CADJPY is down 26 pips (0.31%) since the day prior (opening today near 85.125), marking the 4th consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 25th for the day in terms of price change. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY is now close to its 20, 50 and 200 day averages, located at 86.81, 87.116 and 86.404 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 127.9 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone down 9 them.