CAD/JPY Down 10 Pips On 4 Hour Chart, Moves Down For the 2nd Day In A Row; Nears 20 Day Moving Average

CAD/JPY 4 Hour Price Update

Updated July 02, 2020 01:15 AM GMT (09:15 PM EST)

CAD/JPY is down 10 pips (0.13%) since the previous 4 hours (opening the current 4 hour candle near 78.989), marking the 4th candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, CAD/JPY ended up ranking 35th 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 down 3 pips (0.04%) since yesterday (opening today near 79.054), marking the 2nd day in a row a decline has happened. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 33rd in terms of percentage change since yesterday. Let’s take a look at price chart of CAD/JPY.

CAD/JPY Technical Analysis

Notably, 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 20 day average, which is 20.5 pips away. Volatility for CAD/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days CAD/JPY’s price has gone down 8 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 27 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 3, which is bullish. 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.

-there is bullish bias on the hourly….Bullish divergence on the 4H and hidden bullish divergence on the Daily -I’m looking for the perfect opportunity to enter a long position on the hourly….I’ll update if and when I enter!