CAD/JPY Down 3 Pips On 4 Hour Chart, Moves Up For the 4th Day In A Row; Price Base in Formation Over Past 14 and 30 Days

CAD/JPY 4 Hour Price Update

Updated August 06, 2020 09:05 AM GMT (05:05 AM EST)

CAD/JPY is down 3 pips (0.04%) since the previous 4 hours (opening the current 4 hour candle near 79.513), marking the 3rd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, CAD/JPY ended up ranking 25th for the four-hour candle in terms of price change.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/JPY is up 1 pips (0.01%) since the day prior (opening today near 79.603), marking the 4th day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, CAD/JPY ranked 26th the day prior in terms of percentage price change. Let’s take a look at price chart of CAD/JPY.

CAD/JPY

CAD/JPY Technical Analysis

First things first: CAD/JPY crossed above 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 1.6 pips away. Rangebound traders may wish to note that CAD/JPY is getting close to its upper bollinger band, which, when coupled with the lack of trend on a 14 day timeframe, may be an opportunity for short sellers. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on the 14 and 30 day bases 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 17 them. 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 9 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.12, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CADJPY formed bullish candle above support zone at Fibonacci 61.8%.at the same time, the support zone is influencing with volume profile – point of control.