CADJPY Up 6 Pips Over Past Hour, 2 Day Down Streak Snapped; Breaks Above 50 Day Average

Hourly Update

(Last Updated April 22, 2021 2:17 GMT)

Currently, CADJPY’s rate is up 590 pips (0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADJPY has now gone down 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The choppiness in the recent daily price action of CADJPY continues; to start today, it came in at a price of 86.394, up 68 pips (0.8%) since the day prior. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 4th for the day in terms of price change. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CADJPY crossed above its 50 day moving average yesterday. 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. 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 10 days CADJPY’s price has gone down 6 them. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 90 and 14 day