CAD/JPY Up 31 Pips, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

CAD/JPY Price Recap

CAD/JPY enters today at 75.806 in US dollars, up 31 pips (0.41%) from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 27.85% from the day prior, and up 2.68% from the same day the week before. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 9th for the day in terms of day-over-day price change. The price chart of CAD/JPY below illustrates.

CAD/JPY Technical Analysis

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 399.3 pips away. Oh, snap! Note it: CAD/JPY may have broken its trend on the 14 day basis, as the trend’s momentum appears to be slowing down. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days CAD/JPY’s price has gone down 17 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 24 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.85, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, head and shoulders and trendline technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.