(Last Updated May 13, 2022 1:38 GMT)
Currently, CADJPY’s rate is up 2650 pips (0.27%) from the hour prior. This is the 2nd straight hour CADJPY has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 downtrend on the 20 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 149 pips (1.5%) since yesterday (opening today near 98.438), marking the 6th consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 34th 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 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. 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. For additional context, note that price has gone down 16 out of the past 30 days.