(Last Updated September 22, 2020 0:15 GMT)
At the moment, CADJPY’s rate is up 190 pips (0.02%) 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 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
CADJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CADJPY is down 38 pips (0.47%) since yesterday (opening today near 79.145), marking the 5th day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, CADJPY ended up ranking 34th for the day in terms of price change. The price chart of CADJPY below illustrates.
CADJPY Technical Analysis
The first thing we should note is that CADJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone down 10 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction 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.
Strong support level with the combination of horizontal & diagonal T-LineWait for bearish rejection candle and BUYPatient is the important thing in Forex.GOOD LUCK!!JUST FOR IDEAS!!DISCLAIMER!!This is for general information purposes only. It is not investment advice or an inducement to trade.