CAD/JPY 4 Hour Price Update
Updated May 12, 2020 12:56 AM GMT (08:56 PM EST)
CAD/JPY is down 7 pips (0.09%) since the previous 4 hours (opening the current 4 hour candle near 76.737), marking the 2nd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, CAD/JPY ended up ranking 29th for the four-hour candle in terms of price change.
CAD/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CAD/JPY entered today at 76.754, down 7 pips (0.1%) from the day prior. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 34th for the day in terms of price change. Let’s take a look at price chart of CAD/JPY.
CAD/JPY Technical Analysis
Notably, CAD/JPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Rangebound traders may wish to note that CAD/JPY is getting close to its upper bollinger band, which, when coupled with the lack of trend on a 14 day timeframe, may be an opportunity for short sellers. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Of note is that traders in aggregate have opinions on CADJPY, with 3 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.14, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
A descending triangle pattern has been captured and over the past, price has respected the trend line as well the support level.Price will continue in the triangle in a zig-zag manner between levels of s/r before a change in direction.