CAD/JPY Up 14 Pips On Hourly Chart, Entered Today Down For the 2nd Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 29, 2022 1:38 GMT)

At the time of this writing, CADJPY’s rate is up 1400 pips (0.13%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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. 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 88 pips (0.83%) since the day prior (opening today near 105.54), marking the 2nd consecutive day it has gone down. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 33rd in terms of percentage change since the day prior. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY crossed below its 20 day moving average yesterday. 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 30 days CADJPY’s price has gone up 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.