CAD/JPY Up 2 Pips in Last Hour, Entered Today Down For the 6th Consecutive Day; Breaks Below 100 Day Average
It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign.
CADJPY
(Last Updated September 21, 2020)
Welcome to the news page for CADJPY (CADJPY). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
A trend/countertrend situation exists on CADJPY, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
CADJPY Moving Averages
The moving averages on CADJPY summarize its price action in an interesting way. The 50 and 100 day averages suggest a bullish trend, as they are pointing upwards, while the 20 and 200 day averages are pointing downward, suggesting a bearish trend on those timeframes.
Below is a chart showing CADJPY’s price with its moving averages.
In terms of correlations over the past week for CADJPY, it has demonstrated the strongest correlation with CHFJPY. Over the past 14 days, however, EURJPY is the asset most correlated to CADJPY. On the flip side, EURUSD has been the asset least correlated with CADJPY — but over the past two weeks, EURNZD has been the asset least correlated with CADJPY. See the chart below to observe the recent price action in CADJPY versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
Currently, CADJPY’s rate is down -1.38 (-1.71%) from the week prior. Moreover, note that the weekly chart shows that CADJPY has seen 2 straight down weeks. Regarding the trend, note that the strongest trend exists on the 20 week timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 week moving average, resulting in them with price now being below it. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows CADJPY’s price action over the past year.
CADJPY Down 14 Pips On Hourly Chart, Came Into Today Down For the 6th Consecutive Day; Breaks Below 100 Day Average
As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern.
CADJPY Up 2 Pips in Last Hour, Came Into Today Down For the 5th Day In A Row; in a Downtrend Over Past 14 Days
This is a reversal of the price action on the previous hour, in which price moved down.
CADJPY Up 11 Pips Over Past Hour, Entered Today Down For the 4th Consecutive Day; Eyes 50 and 200 Day Averages
This is a reversal of the price action on the previous hour, in which price moved down.
CADJPY Up 2 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Nears 50 and 200 Day Moving Averages
Compared to its peers in the forex, cadjpy gave its buyers a return that ranked 35th in terms of percentage change since the previous day.
CADJPY Down 1 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; Eyes 50 and 200 Day Averages
The closest is the 50 day average, which is 10.9 pips away.
CADJPY Up 1 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; is Inching Close to 20 Day Average
Relative to other instruments in the forex asset class, cadjpy ranked 17th the previous day in terms of percentage price change.
CADJPY Down 2 Pips On Hourly Chart; is Inching Close to 20 Day Average
We had two strong legs to the downside, with triangle in the middle, we hit target precisely and we bounced from support nicely.
CADJPY Up 7 Pips in Last Hour, 2 Day Down Streak Snapped; Social Sentiment Biased Towards Selling
Of note is that the 20 hour changed directions on cadjpy; it is now pointing up.
CADJPY Down 16 Pips On Hourly Chart, 2 Day Down Streak Broken; Breaks Above 20 Day Average
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.