CAD/JPY Down 5 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated September 12, 2022 1:38 GMT)

At the moment, CADJPY’s rate is down -550 pips (-0.05%) from the hour prior. This is the 2nd hour in a row CADJPY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 up 19 pips (0.17%) since the previous day (opening today near 109.68), marking the 6th straight day an upward move has occurred. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 13th for the day in terms of price change. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone up 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 1 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.11, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CADJPY has also took resistance from 50% lvl of last swing….CADJPY is looking for a good bearish retracement…🐻📉