CADJPY Down 12 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Moves Down For the 4th Consecutive Day

Hourly Update

(Last Updated August 17, 2021 2:15 GMT)

Currently, CADJPY’s rate is down -1150 pips (-0.13%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see downtrend on the 20 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)

CADJPY is down 57 pips (0.65%) since the previous day (opening today near 86.957), marking the 4th consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 33rd for the day in terms of price change. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Coming into today the current price of CADJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 69.1 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 7 them.