CADJPY Down 7 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; Breaks Below 50 Day Average

Hourly Update

(Last Updated June 30, 2021 3:17 GMT)

At the time of this writing, CADJPY’s rate is down -730 pips (-0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 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)

CADJPY is down 48 pips (0.54%) since yesterday (opening today near 89.159), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, CADJPY ranked 31st yesterday in terms of percentage price change. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

First things first: CADJPY crossed below its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 6 them.