CAD/JPY Up 8 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; Sentiment Suggests Sellers in Charge

Hourly Update

(Last Updated May 4, 2022 1:38 GMT)

At the time of this writing, CADJPY’s rate is up 760 pips (0.07%) from the hour prior. The hourly chart shows that CADJPY has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 20 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 29 pips (0.29%) since the previous day (opening today near 101.367), marking the 2nd day in a row it has gone up. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 9th for the day in terms of price change. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that CADJPY is now close to its 20 day averages, located at 100.3634 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 18 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 1 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

i think cad dont have power now to go higher and in chart i see pattern,