CADJPY Down 5 Pips in Last Hour, Came Into Today Down For the 3rd Consecutive Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated September 10, 2021 2:16 GMT)

At the moment, CADJPY’s rate is down -530 pips (-0.06%) from the hour prior. This is the 2nd consecutive hour CADJPY has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend 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 15 pips (0.17%) since the day prior (opening today near 86.692), marking the 3rd consecutive day a decline has happened. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 20th in terms of percentage change since the day prior. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, the current price of CADJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 26.8 pips away. Volatility for CADJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. For additional context, note that price has gone up 5 out of the past 10 days.