CAD/JPY Down 36 Pips Over Past 4 Hours, is Inching Close to 100 Day Average; Pin Bar Pattern Appearing on Chart

CAD/JPY 4 Hour Price Update

Updated July 31, 2020 05:11 AM GMT (01:11 AM EST)

The back and forth price flow continues for CAD/JPY, which started the current 4 hour candle off at 77.68, down 36 pips 0.46% from the previous 4 hours. It may be worth observing that CAD/JPY was the worst performer of the 37 members in the Forex asset class over the past four-hour candle.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/JPY entered today at 78.015, up 0 pips (0.01%) from yesterday. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 24th for the day in terms of price change. Let’s take a look at price chart of CAD/JPY.

CAD/JPY

CAD/JPY Technical Analysis

Coming into today CAD/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 100 day average, which is 2.3 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADJPY, with 10 buy signals on our radar and 30 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Please Support this Idea with LIKE if it is Useful…….CADJPY The price is below Support/resistance level and broken below trendline support,after a pullback If price shows rejection from the level I expect the price to continue lower,wait for the price to make a pullback if price gives any bearish signal then look for sell opportunity……In case, if price breaks above the support/resistance then we have to wait for a clear direction..