CAD/JPY Up 18 Pips in Last 4 Hours, is Inching Close to 200 Day Average; Pin Bar Pattern Appearing on Chart

CAD/JPY 4 Hour Price Update

Updated July 24, 2020 09:08 PM GMT (05:08 PM EST)

CAD/JPY, which opened the current 4 hour candle priced near 78.964, is up 18 pips 0.23% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 4 four-hour candle negative run. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 3rd in terms of percentage change since the last 4 hour candle.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for CAD/JPY, which started today off at 79.706, up 2 pips 0.03% from the day prior. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 13th for the day in terms of price change. The price chart of CAD/JPY below illustrates.

CAD/JPY

CAD/JPY Technical Analysis

Coming into today CAD/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 8.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 17 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADJPY, with 22 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1.47, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

After the price reaching the ascending trendline, it got a rejection from the level, and it is currently struggling with a resistance zone….Now, expecting that price get enough momentum to break it on the uptrend bias, a buy order is placed with the following features….The order: Type: buy-stopS/L: 30 pips – R:R | 1:2 -T/P: aiming towards a confluence level previous swing high and ascending trendline–*** If you like the idea, don’t be shy, click on like and comment.