CADJPY Up 1 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; Nears 20 Day Moving Average
This move is a reversal from the hour prior, which saw price move down.
(Last Updated January 23, 2021)
Welcome to the news page for CADJPY (CADJPY). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
Japan BoJ Monetary Policy Meeting Minutes | NA | Japanese Yen | JPY | 2021-01-25 | 23:50 GMT |
On CADJPY, there is currently an uptrend on the 90, 30 and 14 day timeframes.
Across several time periods between 20 and 200 days, the trend on CADJPY has remained consistently bullish.
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 AUDUSD. Over the past 14 days, however, the asset showing the strongest correlation to CADJPY is EURNOK. Alternatively, the asset least correlated with CADJPY over the past week has been USDJPY, but if we observe the prior two weeks, the asset least correlated with CADJPY has been EURCHF. 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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Currently, CADJPY’s rate is up 3300 pips (0.4%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows CADJPY’s price action over the past year.
Monthly view favors rangebound strategies. No clear trend on the 24, 60 and 120 month timeframes.
This move is a reversal from the hour prior, which saw price move down.
This is a reversal of the price action on the previous hour, in which price moved down.
Price action traders may also wish to note that we see a pin bar candlestick pattern on cadjpy.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
Relative to other instruments in the forex asset class, cadjpy ranked 20th yesterday in terms of percentage price change.
For additional context, note that price has gone up 17 out of the past 30 days.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.
It’s been a feast for bears operating on an hourly timeframe, as cadjpy has now gone down 4 of the past 5 hours.
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.