CAD/JPY Up 11 Pips Over Past Hour, Moves Down For the 2nd Day In A Row; Nears 20 Day Moving Average

Hourly Update

(Last Updated May 9, 2022 1:37 GMT)

At the moment, CADJPY’s rate is up 1110 pips (0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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 down 23 pips (0.23%) since the day prior (opening today near 101.112), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 35th the day prior in terms of percentage price change. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Coming into today CADJPY is now close to its 20 day moving averages, which may act as price barrier for the asset. 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. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone up 5 them.