CAD/JPY Down 5 Pips On Hourly Chart, Entered Today Down For the 4th Straight Day; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated May 11, 2022 1:42 GMT)

At the time of this writing, CADJPY’s rate is down -510 pips (-0.05%) from the hour prior. The hourly chart shows that CADJPY has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 100 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 20 pips (0.2%) since yesterday (opening today near 100.045), marking the 4th straight day a decline has happened. Relative to other instruments in the Forex asset class, CADJPY ranked 26th yesterday in terms of percentage price change. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, the current price of CADJPY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 16 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.