CAD/JPY Down 3 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; Price Base in Formation Over Past 30 Days

CAD/JPY 4 Hour Price Update

Updated June 26, 2020 01:09 PM GMT (09:09 AM EST)

CAD/JPY is down 3 pips (0.04%) since the last 4 hour candle (opening the current 4 hour candle near 78.354), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 17th in terms of percentage change since the last 4 hour candle.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/JPY is up 2 pips (0.02%) since yesterday (opening today near 78.613), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, CAD/JPY ranked 22nd yesterday in terms of percentage price change. Let’s take a look at price chart of CAD/JPY.

CAD/JPY Technical Analysis

Coming into today the current price of CAD/JPY 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 50 day average, which is 62.1 pips away. Volatility for CAD/JPY 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 up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days CAD/JPY’s price has gone up 19 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 8 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.73, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Thanks everyone for tuning in to today’s analysis ….If any part of this video is unclear, please ask me for in the comment section below….If you found today’s video useful in any way, please “like” this video and leave a comment on what currency pair you’d like me to analyze next too.