CADJPY Down 9 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; Eyes 100 Day Average

Hourly Update

(Last Updated July 14, 2021 0:16 GMT)

At the moment, CADJPY’s rate is down -890 pips (-0.1%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 15 pips (0.17%) since the previous day (opening today near 88.572), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, CADJPY ranked 5th the previous day in terms of percentage price change. Below is a 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 and 100 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 100 day average, which is 27.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 5 out of the past 10 days.