(Last Updated September 18, 2020 23:14 GMT)
At the time of this writing, CADJPY’s rate is up 1080 pips (0.14%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 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 9 pips (0.11%) since the previous day (opening today near 79.521), marking the 4th consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 31st the previous day in terms of percentage price change. Here is a price chart of CADJPY.
CADJPY Technical Analysis
Coming into today the current price of CADJPY is sitting close to its 20, 50, 100 and 200 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 200 day average, which is 23.3 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 9 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADJPY, with 14 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
This pair are walking in a complex wave that aims to hit the price of 81.00.