(Last Updated October 6, 2021 10:16 GMT)
Currently, CADJPY’s rate is down -250 pips (-0.03%) from the hour prior. This is the 3rd consecutive hour CADJPY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 49 pips (0.55%) since the previous day (opening today near 88.605), marking the 2nd consecutive day it has gone up. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 3rd in terms of percentage change since the previous day. Here is a price chart of CADJPY.
CADJPY Technical Analysis
First things first: CADJPY crossed above its 100 day moving average yesterday. 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 100 day average, which is 32 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone up 8 them.