CADJPY Up 6 Pips On Hourly Chart, Outperforms All Forex; Crosses 200 Day Moving Average

Hourly Update

(Last Updated August 25, 2021 0:15 GMT)

Currently, CADJPY’s rate is up 580 pips (0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 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 107 pips (1.25%) since the day prior (opening today near 86.679), marking the 2nd consecutive day it has gone up. On a relative basis, the day prior was pretty good: CADJPY bested all 39 of the assets in the Forex class 🙂 Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CADJPY crossed above its 200 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 20 day average, which is 63.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 10 days.