CADJPY Down 7 Pips in Last Hour, Moves Down For the 6th Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated August 19, 2021 19:16 GMT)

At the time of this writing, CADJPY’s rate is down -690 pips (-0.08%) from the hour prior. CADJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 7 pips (0.08%) since the day prior (opening today near 86.722), marking the 6th day in a row it has gone down. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 27th in terms of percentage change since the day prior. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, the current price of CADJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 87.9 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone down 10 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.