(Last Updated July 1, 2021 3:18 GMT)
At the moment, CADJPY’s rate is up 250 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)
The choppiness in the recent daily price action of CADJPY continues; to start today, it came in at a price of 89.662, up 50 pips (0.56%) since the day prior. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 5th for the day in terms of price change. The price chart of CADJPY below illustrates.
CADJPY Technical Analysis
The first thing we should note is that CADJPY is now close to its 20, 50 and 100 day averages, located at 90.0306, 89.7359 and 87.8389 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone down 17 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 90 and 30 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.