CADJPY Up 2 Pips in Last Hour, Entered Today Down For the 4th Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 13, 2021 11:16 GMT)

At the moment, CADJPY’s rate is up 220 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CADJPY has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend 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 4 pips (0.05%) since yesterday (opening today near 86.65), marking the 4th consecutive day it has gone down. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 26th in terms of percentage change since yesterday. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that CADJPY is now close to its 20, 50, 100 and 200 day averages, located at 86.9159, 87.4562, 88.6658 and 86.2335 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 20 day average, which is 26.6 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 14 days. 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

Not much in terms quality buy/sell signals we’re seeing for CADJPY; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Head on shoulders formation here at support / neckline. Waiting for a clear breakout for confirmation that price will continue lower to complete the pattern.