CADJPY

(Last Updated July 10, 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

As for trends on CADJPY, we’re seeing a downtrend on shorter timeframes — but an uptrend on the 90 and 14 day timeframes. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.

CADJPY Moving Averages

Nuances in the trend on CADJPY can be understood by observing the behavior of its moving averages. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 200 are bullish, suggesting the trend is generally upward, save for a drop that occurred about 6 months ago. Moreover, it should also be noted that the 20 SMA just turned bullish today.

The chart below illustrates.

As for assets in the Forex asset class CADJPY has been correlated to over the past week, it has demonstrated the strongest correlation with EURNOK. Over the past 14 days, however, the asset showing the strongest correlation to CADJPY is USDCAD. On the flip side, the asset least correlated with CADJPY over the past week has been CHFJPY, but if we observe the prior two weeks, GBPAUD 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 -0.361 (-0.46%) from the week prior. It’s been a feast for bears operating on the weekly timeframe, as CADJPY has now gone down 4 of the past 5 weeks. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 5, 10 and 20 week timeframes. Looking further out, the moving averages on the weekly timeframe suggest a bearishess in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. The weekly chart below shows CADJPY’s price action over the past year.