CAD/JPY Down 2 Pips Over Past 4 Hours; Pin Bar Pattern Appearing on Chart
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.
CADJPY
(Last Updated July 8, 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 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. 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 fall that occurred about 6 months ago. Moreover, today we saw the 20 moving average turn bullish.
The chart below illustrates.
As for assets in the Forex asset class CADJPY has been correlated to over the past week, it has been most correlated with USDMXN. Over the past 14 days, however, the asset showing the strongest correlation to CADJPY is AUDJPY. On the flip side, the asset least correlated with CADJPY over the past week has been EURUSD, but over the past two weeks, the asset least correlated with CADJPY has been GBPCAD. See the chart below to observe the recent price action in CADJPY versus those of assets it hasn’t been well correlated with.
.
CAD/JPY Down 2 Pips in Last 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
The closest is the 20 day average, which is 46.6 pips away.
CAD/JPY Down 4 Pips On 4 Hour Chart, 2 Day Down Streak Snapped; Sentiment Suggests Buyers in Charge
This imputes a buy/sell ratio of 6, which is very bullish.
CAD/JPY Down 2 Pips in Last 4 Hours, is Inching Close to 20 Day Average; Pin Bar Pattern Appearing on Chart
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 Up 15 Pips in Last 4 Hours, Came Into Today Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart
The closest is the 20 day average, which is 44.1 pips away.
CAD/JPY Up 1 Pips On 4 Hour Chart; Pin Bar Pattern Appearing on Chart
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 Up 1 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; Entered Today Up For the 3rd Day In A Row
This imputes a buy/sell ratio of 0.62, which is bearish.
CAD/JPY Down 10 Pips On 4 Hour Chart, Moves Down For the 2nd Day In A Row; Nears 20 Day Moving Average
The closest is the 20 day average, which is 20.5 pips away.
CAD/JPY Up 37 Pips in Last 4 Hours, Entered Today Up For the 2nd Day In A Row; is Inching Close to 20 Day Average
This imputes a buy/sell ratio of 0.72, which is bearish.
CAD/JPY Down 5 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Doji Pattern Appearing on Chart
As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern.