For additional context, note that price has gone up 6 out of the past 10 days.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe.
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.
This imputes a buy/sell ratio of 0.44, which is bearish.
The closest is the 100 day average, which is 34.9 pips away.
Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up.
Compared to its peers in the forex, cad/jpy gave its buyers a return that ranked 11th in terms of percentage change since the day prior.
As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.