CADJPY Up 2 Pips in Last Hour, 4 Day Down Streak Ended; Breaks Above 20 Day Average

Hourly Update

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

Currently, CADJPY’s rate is up 150 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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)

After 4 down days, CADJPY snaps its streak, rising 31 pips (0.36%) over the past day to close at an exchange rate of 86.962. Relative to other instruments in the Forex asset class, CADJPY ranked 9th yesterday in terms of percentage price change. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY crossed above its 20 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 20 day average, which is 4.6 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing morning star pattern appearing here.