(Last Updated September 7, 2020 15:14 GMT)
Currently, CADJPY’s rate is up 360 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Of note is that the 20 hour changed directions on CADJPY; it is now pointing up. 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)
The back and forth price flow continues for CADJPY, which started today off at 81.289, up 44 pips 0.54% from yesterday. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 4th in terms of percentage change since yesterday. Let’s take a look at price chart of CADJPY.
CADJPY Technical Analysis
Coming into today CADJPY is now close to its 20, 50 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 20 day average, which is 73.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on CADJPY, with 15 buy signals on our radar and 38 sell signals. This imputes a buy/sell ratio of 0.39, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Evening Traders, Second analysis for today, I will try to produce two pieces of content daily,CADJPY – trading under Daily S/R in a bearish formation, a bearish retest is probable here….The Daily S/R is likely to be respected, as this is a bearish retest of the level….Indication of weakness is in the market, increasing probability of a bearish retest.