CAD/JPY Down 5 Pips On Hourly Chart, Moves Up For the 4th Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 8, 2022 1:37 GMT)

At the time of this writing, CADJPY’s rate is down -520 pips (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend 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 up 184 pips (1.71%) since the previous day (opening today near 109.27), marking the 4th day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 2nd for the day in terms of price change. Below is a price chart of CADJPY.

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. For additional context, note that price has gone up 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CADJPY; just 2 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1.5, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

long idea for cad jpy u can buy and wait u well gain