(Last Updated October 12, 2020 2:16 GMT)
Currently, CADJPY’s rate is down -280 pips (-0.03%) from the hour prior. CADJPY has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning below it. 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 16 pips (0.2%) since the day prior (opening today near 80.487), marking the 3rd straight day an upward move has occurred. Out of the 40 instruments in the Forex asset class, CADJPY ended up ranking 17th for the day in terms of price change. Let’s take a look at price chart of CADJPY.
CADJPY Technical Analysis
Notably, 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 50 day average, which is 53.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 10 them.