CADJPY Down 1 Pips On Hourly Chart, 2 Day Up Streak Snapped; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated July 15, 2021 1:15 GMT)

At the time of this writing, CADJPY’s rate is down -120 pips (-0.01%) from the hour prior. CADJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 doji 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. 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 88.338, down 23 pips (0.26%) from the day prior. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 29th for the day in terms of price change. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY crossed below its 100 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 100 day average, which is 1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 0 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The overall bias with this pair is bearish but as we need to wait on what will the market do within our zone level. Will it reject it and continue pushing to the downside or break above then push it to the upside. So keep an eye on this pair as it is approaching our key level.