CAD/JPY Down 7 Pips in Last Hour, Outperforms All Forex; 5 Day Down Streak Ended

Hourly Update

(Last Updated August 4, 2022 1:40 GMT)

At the time of this writing, CADJPY’s rate is down -690 pips (-0.07%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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)

CADJPY, which opened today priced near 103.58, is up 208 pips 2.05% since the day prior, marking a reversal from the day prior — and the end of a 5 day negative run. On a relative basis, the day prior was pretty good: CADJPY bested all 39 of the assets in the Forex class 🙂 Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CADJPY crossed above its 100 day moving average yesterday. 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 14 day timeframe, where price is headed down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.