(Last Updated April 8, 2021 3:17 GMT)
Currently, CADJPY’s rate is down 30 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADJPY has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 down 19 pips (0.22%) since the day prior (opening today near 87.078), marking the 5th consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 26th for the day in terms of price change. The price chart of CADJPY below illustrates.
CADJPY Technical Analysis
First things first: CADJPY crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone up 15 them.