(Last Updated August 20, 2021 2:17 GMT)
Currently, CADJPY’s rate is up 1200 pips (0.14%) 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 50 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 116 pips (1.34%) since the previous day (opening today near 85.56), marking the 7th day in a row a decline has happened. Relative to other instruments in the Forex asset class, CADJPY ranked 38th the previous day in terms of percentage price change. Let’s take a look at price chart of CADJPY.
CADJPY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: CADJPY crossed below its 200 day moving average 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 200 day average, which is 11.4 pips away. For additional context, note that price has gone down 17 out of the past 30 days.