CADJPY Up 21 Pips in Last Hour, Moves Down For the 2nd Straight Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated July 7, 2021 18:15 GMT)

At the time of this writing, CADJPY’s rate is up 2140 pips (0.24%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 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 is down 114 pips (1.27%) since the day prior (opening today near 88.766), marking the 2nd straight day a decrease has occurred. It may be worth observing that CADJPY was the worst performer of the 39 members in the Forex asset class over the past day. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

First things first: 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone down 18 them. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 90 and 30 day