CADJPY Down 3 Pips Over Past Hour; Moves Down For the 2nd Straight Day

Hourly Update

(Last Updated June 1, 2021 2:17 GMT)

At the time of this writing, CADJPY’s rate is down -290 pips (-0.03%) from the hour prior. The hourly chart shows that CADJPY has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 down 11 pips (0.12%) since yesterday (opening today near 90.804), marking the 2nd straight day it has gone down. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 26th for the day in terms of price change. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that CADJPY is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for CADJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 6 out of the past 10 days.