CAD/JPY 4 Hour Price Update
Updated March 24, 2020 03:19 AM GMT (11:19 PM EST)
CAD/JPY entered the current 4 hour candle at 76.567, up 4 pips (0.06%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, CAD/JPY ranked 19th the last 4 hour candle in terms of percentage price change.
CAD/JPY Daily New York Session Recap
Updated 21:00 GMT (17:00 EST)
CAD/JPY is up 99 pips (1.3%) since yesterday’s New York session (opening today’s post-New York session near 77.272), marking the 2nd day in a row it has gone up. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 13.19% from the day prior, and up 107.68% from the same day the week before. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 7th in terms of percentage change since yesterday’s New York session. The price chart of CAD/JPY below illustrates.
CAD/JPY Technical Analysis
The first thing we should note is that the current price of CAD/JPY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 127 pips away. 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.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADJPY, with 23 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 3.29, which is bullish. As for the rationale, technical traders seem to be citing the appearance of flag and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price making a corrective structure in form of a Bearish flag…Wait after the break out and ride the trend.