(Last Updated September 16, 2020 23:15 GMT)
Currently, CADJPY’s rate is down -90 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
CADJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CADJPY is down 27 pips (0.34%) since the day prior (opening today near 79.95), marking the 2nd day in a row it has gone down. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 35th in terms of percentage change since the day prior. Below is a price chart of CADJPY.
CADJPY Technical Analysis
The first thing we should note is that CADJPY is now close to its 20, 50, 100 and 200 day averages, located at 80.6266, 79.841, 78.9978 and 79.7794 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 10.9 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 8 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADJPY, with 7 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.58, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Looking to go up with it once trendline on 4h is broken