CAD/JPY Up 5 Pips On Hourly Chart, Price Base in Formation Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 19, 2022 1:37 GMT)

Currently, CADJPY’s rate is up 510 pips (0.05%) from the hour prior. The hourly chart shows that CADJPY has seen 3 straight up 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 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)

The choppiness in the recent daily price action of CADJPY continues; to start today, it came in at a price of 105.86, down 0 pips (0%) since the day prior. Relative to other instruments in the Forex asset class, CADJPY ranked 23rd the day prior in terms of percentage price change. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Coming into today CADJPY is now close to its 20 and 50 day averages, located at 105.0325 and 103.2842 respectively, and thus may be at a key juncture along those timeframes. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.