CADJPY Down 16 Pips On Hourly Chart, 2 Day Down Streak Broken; Breaks Above 20 Day Average

Hourly Update

(Last Updated September 10, 2020 16:14 GMT)

At the time of this writing, CADJPY’s rate is down -1600 pips (-0.2%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 20 hour moving averages have been crossed, so that price is now turning below them. 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)

CADJPY entered today at 80.749, up 67 pips (0.84%) from the day prior. Relative to other instruments in the Forex asset class, CADJPY ranked 6th the day prior in terms of percentage price change. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY crossed above its 20 day moving average yesterday. 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 20 day average, which is 10.9 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADJPY, with 8 buy signals on our radar and 33 sell signals. This imputes a buy/sell ratio of 0.24, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CADJPY AFTER A HUGE FALL MADE A RECOVERY PRICE TOUCHED A SUPPLY AREA ALSO A FIBONACCI LEVELPOSSIBLE SELLING📉This is not a investment advice just my view of CADJPYDONT TRADE BLINDLY.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram