CAD/JPY Down 7 Pips On Hourly Chart, 5 Day Down Streak Broken; Crosses 20 Day Moving Average

Hourly Update

(Last Updated April 28, 2022 1:39 GMT)

Currently, CADJPY’s rate is down -740 pips (-0.07%) 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 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see an uptrend 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 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 100.171, is up 86 pips 0.87% since the previous day, marking a reversal from the day prior — and the end of a 5 day negative run. Relative to other instruments in the Forex asset class, CADJPY ranked 4th the previous day in terms of percentage price change. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CADJPY crossed above its 20 day moving average yesterday. 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. For additional context, note that price has gone up 7 out of the past 14 days.