CAD/JPY Price Recap
CAD/JPY is down 97 pips (1.18%) since yesterday (with its current price near 81.841), marking the 5th day in a row a decline has happened. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 18.11% from the day prior, and up 196.28% from the same day the week before. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 37th for the day in terms of day-over-day price change. The price chart of CAD/JPY below illustrates.
CAD/JPY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: CAD/JPY crossed below its 200 day moving average yesterday. 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 200 day average, which is 20.1 pips away. It should be noted, though, the 20 and 200 day simple moving averages turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 30 days CAD/JPY’s price has gone down 19 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on CADJPY, with 4 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.5, 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.
Here it’s a setup on CADJPY, I think that CADJPY will very likely retest the trendline again