CAD/JPY Down 9 Pips in Last Hour, in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 7, 2022 1:37 GMT)

At the time of this writing, CADJPY’s rate is down -880 pips (-0.08%) 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 100 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)

The choppiness in the recent daily price action of CADJPY continues; to start today, it came in at a price of 108.2, down 26 pips (0.24%) since yesterday. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 23rd in terms of percentage change since yesterday. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Coming into today CADJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 5 them. 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

Not much commentary on CADJPY that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Myślę, że jeśli cena dokona ponownego testu oporu na 109.000 to czekam na powrót ceny do poziomu wsparcia, ponieważ cena spadła wcześniej. Moim celem jest poziom wsparcia na poziomie 107.220