(Last Updated September 30, 2021 2:15 GMT)
At the time of this writing, CADJPY’s rate is up 670 pips (0.08%) 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 50 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)
CADJPY is up 37 pips (0.42%) since the day prior (opening today near 87.492), marking the 3rd straight day it has gone up. Relative to other instruments in the Forex asset class, CADJPY ranked 4th the day prior in terms of percentage price change. Let’s take a look at 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 86.7769, 87.0805, 88.4374 and 86.4849 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 41.2 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 9 out of the past 14 days.