(Last Updated November 12, 2021 5:15 GMT)
Currently, CADJPY’s rate is up 2010 pips (0.22%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 down 6 pips (0.07%) since yesterday (opening today near 90.952), marking the 3rd straight day a decline has happened. Relative to other instruments in the Forex asset class, CADJPY ranked 23rd yesterday in terms of percentage 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 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 30 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 14 day timeframe. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone down 8 them.