(Last Updated July 7, 2021 3:19 GMT)
At the moment, CADJPY’s rate is up 90 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 50 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 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 is down 114 pips (1.27%) since the previous day (opening today near 88.766), marking the 2nd straight day a decrease has occurred. Those trading within the Forex asset class should know that CADJPY was the worst performer in the class. Below is a price chart of CADJPY.
CADJPY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: CADJPY crossed below its 20 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 66.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 7 out of the past 14 days. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 90 and 30 day