(Last Updated January 1, 2021 3:17 GMT)
At the moment, CADJPY’s rate is up 1310 pips (0.16%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CADJPY has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 20 hour changed directions on CADJPY; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
CADJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CADJPY is up 8 pips (0.1%) since yesterday (opening today near 80.936), marking the 6th straight day it has gone up. Relative to other instruments in the Forex asset class, CADJPY ranked 20th yesterday in terms of percentage price change. Below is a price chart of CADJPY.
CADJPY Technical Analysis
Coming into today CADJPY is now close to its 20, 50, 100 and 200 day averages, located at 81.016, 80.2366, 80.1285 and 79.1007 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 8 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADJPY, with 4 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
BULLISH PROJECTION EXPECT TO HOLD THIS ONE