CAD/JPY Down 5 Pips Over Past Hour, in an Uptrend Over Past 90 Days; Eyes 50 Day Average

Hourly Update

(Last Updated November 23, 2021 1:39 GMT)

At the time of this writing, CADJPY’s rate is down -480 pips (-0.05%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADJPY has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see an uptrend 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)

The back and forth price flow continues for CADJPY, which started today off at 90.371, up 23 pips 0.25% from the day prior. Relative to other instruments in the Forex asset class, CADJPY ranked 18th the day prior in terms of percentage price change. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 and 14 day timeframes. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone up 18 them.