CAD/JPY Down 48 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; is Inching Close to 20 and 50 Day Averages

CAD/JPY 4 Hour Price Update

Updated May 15, 2020 01:10 PM GMT (09:10 AM EST)

The back and forth price flow continues for CAD/JPY, which started the current 4 hour candle off at 75.877, down 48 pips 0.63% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, CAD/JPY ended up ranking 33rd 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 is up 15 pips (0.2%) since the day prior (opening today near 76.451), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, CAD/JPY ranked 6th the day prior in terms of percentage price change. Let’s take a look at price chart of CAD/JPY.

CAD/JPY Technical Analysis

The first thing we should note is that CAD/JPY is now close to its 20 and 50 day averages, located at 76.2091 and 76.6175 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADJPY, with 10 buy signals on our radar and 24 sell signals. This imputes a buy/sell ratio of 0.42, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and triangle technical patterns. Here’s a piece we found on; below is a short snippet from it to give you a taste.

The recent surge of the oil prices might have given the pair a bit of strength that saw it regain some bull power to break out of the channel. Analysis still remains down in the short term though as we wait and see how it continues to play out.