CAD/JPY Up 15 Pips in Last Hour, in a Downtrend Over Past 14 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated November 15, 2021 1:37 GMT)

Currently, CADJPY’s rate is up 1490 pips (0.16%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADJPY. Given that we see an uptrend on the 10 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)

The back and forth price flow continues for CADJPY, which started today off at 90.707, up 6 pips 0.06% from the previous day. Relative to other instruments in the Forex asset class, CADJPY ranked 18th the previous day in terms of percentage price change. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, the current price of CADJPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone down 8 them. Also, candlestick traders! Note we see doji pattern appearing here as well.