CADJPY Down 1 Pips in Last Hour, 6 Day Up Streak Ended; is Inching Close to 20 Day Average

Hourly Update

(Last Updated January 5, 2021 2:17 GMT)

At the moment, CADJPY’s rate is down -120 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, with price now being below it. 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)

After 6 up days, CADJPY snaps its streak, falling 27 pips (-0.34%) over the past day to close at an exchange rate of 80.664. Relative to other instruments in the Forex asset class, CADJPY ranked 23rd the day prior in terms of percentage price change. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Coming into today CADJPY is now close to its 20, 50, 100 and 200 day averages, located at 81.014, 80.254, 80.1268 and 79.1133 respectively, and thus may be at a key juncture along those timeframes. For additional context, note that price has gone up 8 out of the past 14 days.