CAD/JPY Up 38 Pips in Last 4 Hours; is Inching Close to 20 Day Average

CAD/JPY 4 Hour Price Update

Updated May 18, 2020 05:08 PM GMT (01:08 PM EST)

CAD/JPY is up 38 pips (0.5%) since the last 4 hour candle (opening the current 4 hour candle near 76.78), marking the 5th candle in a row it has gone up. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 11th in terms of percentage change since the last 4 hour candle.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of CAD/JPY continues; to start today, it came in at a price of 75.897, down 0 pips (0%) since the previous day. Relative to other instruments in the Forex asset class, CAD/JPY ranked 28th the previous day in terms of percentage price change. The price chart of CAD/JPY below illustrates.

CAD/JPY Technical Analysis

Notably, CAD/JPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 14 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 12 buy signals on our radar and 30 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

CADJPY has broken out of the current downtrend trendline and looks to be heading to the next zone.