CAD/JPY Down 20 Pips Over Past 4 Hours, Entered Today Up For the 3rd Day In A Row; Price Base in Formation Over Past 30 Days

CAD/JPY 4 Hour Price Update

Updated May 20, 2020 05:07 PM GMT (01:07 PM EST)

CAD/JPY entered the current 4 hour candle at 77.281, down 20 pips (0.26%) from the previous 4 hours. Out of the 37 instruments in the Forex asset class, CAD/JPY ended up ranking 32nd for the four-hour candle in terms of price change.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/JPY is up 18 pips (0.23%) since yesterday (opening today near 77.413), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 8th in terms of percentage change since yesterday. Below is a price chart of CAD/JPY.

CAD/JPY Technical Analysis

Coming into today CAD/JPY is now close to its 20, 50 and 100 day averages, located at 76.2973, 76.6059 and 78.6384 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 down. 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 10 days CAD/JPY’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 15 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.07, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CADJPY 20/05 BUY and take profit before FIBONACCI 1.618