CAD/JPY Up 0 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; Breaks Above 20, 50 and 200 Day Averages

Hourly Update

(Last Updated September 24, 2021 1:46 GMT)

Currently, CADJPY’s rate is up 50 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on CADJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 up 124 pips (1.45%) since the day prior (opening today near 87.124), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 3rd the day prior in terms of percentage price change. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CADJPY crossed above its 20, 50 and 200 day moving averages 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 50 day average, which is 4.8 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone down 16 them.