CADJPY Down 3 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; Eyes 20 Day Average

Hourly Update

(Last Updated May 28, 2021 1:18 GMT)

At the moment, CADJPY’s rate is down -250 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

CADJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CADJPY is down 20 pips (0.22%) since the previous day (opening today near 89.973), marking the 2nd straight day a decrease has occurred. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 29th for the day in terms of 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 moving averages, which may act as price barrier for the asset. Volatility for CADJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 7 them.