CAD/JPY Up 33 Pips Over Past 4 Hours, Came Into Today Up For the 2nd Day In A Row; in a Downtrend Over Past 90 Days

CAD/JPY 4 Hour Price Update

Updated May 19, 2020 05:10 PM GMT (01:10 PM EST)

CAD/JPY is up 33 pips (0.42%) since the previous 4 hours (opening the current 4 hour candle near 77.718), marking the 3rd candle in a row an increase has occurred. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 4th in terms of percentage change since the previous 4 hours.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/JPY is up 2 pips (0.03%) since the previous day (opening today near 77.018), marking the 2nd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 21st for the day in terms of price change. Here is a price chart of CAD/JPY.

CAD/JPY Technical Analysis

Notably, CAD/JPY is now close to its 20, 50 and 100 day averages, located at 76.2361, 76.5875 and 78.6932 respectively, and thus may be at a key juncture along those timeframes. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern 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 13 buy signals on our radar and 26 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of gartley and trendline technical patterns. Here’s a piece we found on; below is a short snippet from it to give you a taste.

CADJPY Daily Chart break outCadjpy break the triangle and formed double bottom as well4h chart already pull back retest neck lineTherefore we can buy Cadjpy and Aim 80.50