CADJPY Up 11 Pips in Last Hour, 2 Day Up Streak Ended; Eyes 20 Day Average

Hourly Update

(Last Updated June 7, 2021 17:17 GMT)

Currently, CADJPY’s rate is up 1090 pips (0.12%) from the hour prior. The hourly chart shows that CADJPY has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. 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 entered today at 90.657, down 42 pips (0.46%) from yesterday. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 32nd in terms of percentage change since yesterday. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Coming into today CADJPY is now close to its 20 and 50 day averages, located at 90.4244 and 88.7391 respectively, and thus may be at a key juncture along those timeframes. 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 8 out of the past 14 days.