CAD/JPY Up 1 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 16, 2021 1:45 GMT)

At the moment, CADJPY’s rate is up 120 pips (0.01%) from the hour prior. CADJPY has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADJPY. Given that we see an uptrend on the 20 and 10 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 51 pips (0.57%) since the day prior (opening today near 91.221), marking the 2nd straight day an increase has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 4th the day prior in terms of percentage price change. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that the current price of CADJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 6 them.