CAD/JPY Up 3 Pips On Hourly Chart, Crosses 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 5, 2022 1:37 GMT)

Currently, CADJPY’s rate is up 300 pips (0.03%) from the hour prior. CADJPY has seen its price go up 9 out of the past 10 hours, thus creating some compelling opportunities for bulls. 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 pin bar candlestick pattern on CADJPY. Given that we see an uptrend 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 entered today at 105.03, up 63 pips (0.6%) from the previous day. Relative to other instruments in the Forex asset class, CADJPY ranked 7th the previous day in terms of percentage price change. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

First things first: CADJPY crossed above its 20 day moving average yesterday. 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.