CADJPY Down 9 Pips in Last Hour, Moves Down For the 2nd Day In A Row; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated August 13, 2021 23:16 GMT)

Currently, CADJPY’s rate is down -870 pips (-0.1%) from the hour prior. CADJPY has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 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, 10 and 5 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 13 pips (0.15%) since the day prior (opening today near 88.156), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 22nd the day prior in terms of percentage price change. Let’s take a look at price chart of CADJPY.

CADJPY

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 87.5824, 88.7254 and 88.692 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 53.6 pips away. 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. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 16 out of the past 30 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!