CAD/JPY Up 2 Pips Over Past Hour, Entered Today Down For the 2nd Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated April 22, 2022 1:42 GMT)

At the time of this writing, CADJPY’s rate is up 240 pips (0.02%) from the hour prior. The hourly chart shows that CADJPY has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADJPY. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 down 53 pips (0.51%) since the previous day (opening today near 101.983), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 34th in terms of percentage change since the previous day. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Volatility for CADJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CADJPY; just 2 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of bollinger bands technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Interesting long term chart showing resistance ahead and proportionally similar move to 2002-2008 bull runThinking of possibly shorting at 109ish to end a wave 5 at supply and look to ride down to the 38.2% or thereaboutsI do believe we are heading into key levels with prices stretched relative to the Bollinger bands and ending a 5 wave advance so expecting some form of retracement