CAD/JPY Up 2 Pips in Last Hour, Moves Up For the 3rd Day In A Row; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated November 17, 2021 1:45 GMT)

Currently, CADJPY’s rate is up 230 pips (0.03%) from the hour prior. CADJPY has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. 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 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 up 24 pips (0.26%) since the day prior (opening today near 91.461), marking the 3rd day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 17th for the day in terms of price change. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Coming into today 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADJPY, with 5 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.71, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Reasons for the short trade.Engulfing candleBig sell volumeEnter the short trade right now and please manage your risk properly.Happy pips collecting.