CAD/JPY Down 5 Pips On Hourly Chart, 2 Day Up Streak Broken; Price Base in Formation Over Past 90 Days
As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern.
CADJPY
(Last Updated November 26, 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
Price action over the past 3 months suggests there isn’t a clear trend in place for CADJPY. As such, this might be an opportunity for rangebound traders, or trend traders focused on longer timeframes.
CADJPY Moving Averages
The moving averages on CADJPY summarize its price action in an interesting way. Of the 20, 50, 100, and 200 day averages — three of them (all but the 200) — are bullish, suggesting the trend is generally upward, save for a drop that occurred about 6 months ago.
Below is a chart showing CADJPY’s price with its moving averages.
As for assets in the Forex asset class CADJPY has been correlated to over the past week, it has demonstrated the strongest correlation with GBPJPY. Over the past 14 days, however, the asset showing the strongest correlation to CADJPY is EURJPY. Alternatively, GBPAUD has been the asset least correlated with CADJPY — just the same as it has been over the past two weeks. The chart below illustrates CADJPY against its least correlated assets.
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The View From the Weekly Timeframe
Currently, CADJPY’s rate is up 1.003 (1.27%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. From a weekly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 5, 10 and 20 week timeframes. Most noteworthy in the world of moving averages on the weekly chart is that the 20 and 50 week moving averages have been crossed, so that price is now turning above them. 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. CADJPY’s weekly price action over the past 52 weeks can be seen via the chart below.
CADJPY: The Monthly View
Clearest trend on the monthly is apparent at the 24 month timeframe.
CAD/JPY Up 3 Pips Over Past Hour, Moves Up For the 2nd Straight Day; Price Base in Formation Over Past 30 and 90 Days
As for the rationale, technical traders seem to be citing the appearance of a oscillator technical pattern.
CAD/JPY Up 11 Pips in Last Hour, Breaks Above 20, 50 and 100 Day Averages; Price Base in Formation Over Past 30 and 90 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
CADJPY Down 0 Pips in Last Hour, Price Base in Formation Over Past 30 and 90 Days; Nears 20, 50, 100 and 200 Day Moving Averages
Or to simplify this another way, note that out of the past 30 days cadjpy’s price has gone down 18 them.
CADJPY Up 3 Pips in Last Hour, Price Base in Formation Over Past 30 and 90 Days; Eyes 20, 50, 100 and 200 Day Averages
This is the 2nd hour in a row cadjpy has seen its price head up.
CADJPY Up 7 Pips On Hourly Chart, is Inching Close to 20, 50 and 100 Day Averages; Pin Bar Pattern Appearing on Chart
Compared to its peers in the forex, cadjpy gave its buyers a return that ranked 15th in terms of percentage change since the previous day.
CADJPY Down 11 Pips in Last Hour, Moves Down For the 2nd Straight Day; Eyes 20, 50 and 100 Day Averages
Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
CADJPY Down 12 Pips On Hourly Chart, Breaks Below 20, 50 and 100 Day Averages; Price Base in Formation Over Past 90 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
CADJPY Up 4 Pips Over Past Hour, 4 Day Down Streak Ended; Price Base in Formation Over Past 30 and 90 Days
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
CAD/JPY Up 6 Pips in Last Hour, Moves Down For the 3rd Consecutive Day; Eyes 20, 50 and 100 Day Averages
This is a reversal of the price action on the previous hour, in which price moved down.