CADJPY Down 3 Pips Over Past Hour, 6 Day Up Streak Ended; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated May 4, 2021 2:17 GMT)

At the time of this writing, CADJPY’s rate is down -250 pips (-0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

CADJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CADJPY, which opened today priced near 88.853, is down 6 pips 0.07% since the previous day, marking a reversal from the day prior — and the end of a 6 day positive run. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 26th 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 moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 15 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.