CAD/JPY 4 Hour Price Update
Updated May 25, 2020 09:09 PM GMT (05:09 PM EST)
The back and forth price flow continues for CAD/JPY, which started the current 4 hour candle off at 77.022, down 6 pips 0.08% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, CAD/JPY ended up ranking 36th 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 entered today at 76.829, up 3 pips (0.05%) from the day prior. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 11th in terms of percentage change since the day prior. Below is a price chart of CAD/JPY.
CAD/JPY Technical Analysis
Coming into today the current price of CAD/JPY 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days CAD/JPY’s price has gone up 16 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADJPY, with 25 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 2.78, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price bounced on the Trendline rised a bit and now we are waiting for retrace to the Trendline, or at least near it….Price then most likely will rise to at least Weekly-Fibo 38,2 (Swing High to Swing Low) which is a strong resistance level….Furthermore, price possibly will turn when it reaches the red resistance level which is above the Weekly Fibo level.