CADJPY Up 17 Pips in Last Hour; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 4, 2020 9:49 GMT)

At the time of this writing, CADJPY’s rate is up 1650 pips (0.2%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 200 hour moving averages have been crossed, with price now being above them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 entered today at 81.382, up 31 pips (0.38%) from the previous day. Out of the 40 instruments in the Forex asset class, CADJPY ended up ranking 4th for the day in terms of price change. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Coming into today CADJPY is now close to its 20, 50 and 200 day moving averages, which may act as price barrier for the asset. 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 101.7 pips away. 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 5 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 8 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram