CAD/JPY Up 55 Pips Over Past 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone up 6 out of the past 10 days.
CADJPY
(Last Updated June 2, 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 an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the downtrend 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. The 20 and 50 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 100 and 200 day averages that imply a bearish trend. This implies that the long-term trend — meaning going back over 3 months — is bearish, while the trend over the past month and a half is bullish.
Below is a chart showing CADJPY’s price with its moving averages.
As for correlation, Regarding CADJPY’s correlations over the past 7 days, it has been most correlated with USDCAD. CADJPY has been most correlated with USDCAD over the past 14 days also, so this may be a structural correlation in the market. On the flip side, the asset least correlated with CADJPY over the past week has been NZDCAD, but if we observe the prior two weeks, EURGBP has been the asset least correlated with CADJPY. The chart below illustrates CADJPY against its least correlated assets.
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CAD/JPY Down 7 Pips in Last 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
CAD/JPY Down 2 Pips On 4 Hour Chart, Eyes 100 Day Average; Pin Bar Pattern Appearing on Chart
It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe.
CAD/JPY Up 31 Pips in Last 4 Hours, in an Uptrend Over Past 14 Days; Nears 100 Day Moving 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.
CAD/JPY Down 6 Pips in Last 4 Hours, 4 Day Up Streak Broken; Breaks Below 100 Day Average
This imputes a buy/sell ratio of 0.44, which is bearish.
CAD/JPY Up 13 Pips in Last 4 Hours, 3 Day Up Streak Snapped; in an Uptrend Over Past 14 Days
The closest is the 100 day average, which is 34.9 pips away.
CAD/JPY Up 4 Pips On 4 Hour Chart, Moves Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart
Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up.
CAD/JPY Down 6 Pips Over Past 4 Hours, 2 Day Down Streak Ended; in a Downtrend Over Past 90 Days
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.
CAD/JPY Down 2 Pips in Last 4 Hours, Moves Up For the 4th Day In A Row; Doji and Pin Bar Patterns Appearing on Chart
As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern.
CAD/JPY Down 11 Pips Over Past 4 Hours, Came Into Today Up For the 4th Day In A Row; Doji and Pin Bar Patterns Appearing on Chart
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.