CADJPY Up 1 Pips On Hourly Chart, Moves Down For the 6th Consecutive Day; Crosses 100 Day Moving Average

Hourly Update

(Last Updated September 23, 2020 0:15 GMT)

At the time of this writing, CADJPY’s rate is up 80 pips (0.01%) 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 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

CADJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CADJPY is down 51 pips (0.65%) since the previous day (opening today near 78.632), marking the 6th consecutive day a decline has happened. Out of the 40 instruments in the Forex asset class, CADJPY ended up ranking 32nd for the day in terms of price change. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY crossed below its 100 day moving average yesterday. 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 100 day average, which is 48.2 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone down 18 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 7 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

– PRICE ACTION ON AN INTERSECT BETWEEN LOWER PITCHFORK AND UPTREND SUPPORT- TARGET PRICE = 50% FIB (79.635) WHICH IS ALSO THE UPPER LINE OF THE PITCHFORK CHANNEL- SL A FEW PIPS BELOW PIVOT LOWhttps://www.tradingview.com/x/kC0Ovk6i/https://www.tradingview.com/x/FykrptNK/


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