CADJPY Down 3 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated September 3, 2021 2:15 GMT)

At the time of this writing, CADJPY’s rate is down -280 pips (-0.03%) from the hour prior. CADJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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)

CADJPY is up 38 pips (0.44%) since the previous day (opening today near 87.579), marking the 2nd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 7th the previous day in terms of percentage price change. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that the current price of CADJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 19.1 pips away. 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. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone up 15 them.