CAD/JPY Down 11 Pips Over Past 4 Hours, Came Into Today Up For the 4th Day In A Row; Doji and Pin Bar Patterns Appearing on Chart

CAD/JPY 4 Hour Price Update

Updated May 21, 2020 05:08 PM GMT (01:08 PM EST)

CAD/JPY is down 11 pips (0.14%) since the last 4 hour candle (opening the current 4 hour candle near 77.223), marking the 2nd candle in a row a decline has happened. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 23rd in terms of percentage change since the last 4 hour candle.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/JPY is up 3 pips (0.04%) since the day prior (opening today near 77.354), marking the 4th day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, CAD/JPY ranked 20th the day prior in terms of percentage price change. Below is a price chart of CAD/JPY.

CAD/JPY Technical Analysis

Notably, 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. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. For additional context, note that price has gone up 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADJPY, with 17 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.89, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

3 retests on 1H chart showing strong support at price around 77.200 after downward channel was broken. Ranging triangle forming, when broken to the upside, possible buy may occur.