(Last Updated April 28, 2021 2:17 GMT)
At the moment, CADJPY’s rate is up 990 pips (0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
CADJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CADJPY is up 39 pips (0.45%) since the previous day (opening today near 87.662), marking the 3rd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 10th the previous day in terms of percentage price change. Below is a price chart of CADJPY.
CADJPY Technical Analysis
The first thing we should note is that the current price of CADJPY is sitting close to its 20 and 50 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 up over that time. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 7 them.