CADJPY Down 6 Pips On Hourly Chart, Outperforms All Forex; But Still in a Downtrend Over Past 30 Days – CFD Trading

Hourly Update

(Last Updated July 21, 2021 23:16 GMT)

At the time of this writing, CADJPY’s rate is down -150 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly 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.

CADJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CADJPY entered today at 86.701, up 78 pips (0.91%) from the previous day. On a relative basis, the previous day was pretty good: CADJPY bested all 39 of the assets in the Forex class 🙂 Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that CADJPY is now close to its 20, 100 and 200 day moving averages, which may act as price barrier for the asset. 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. The closest is the 100 day average, which is 178.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADJPY, with 2 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.11, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone and supply zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Just like the EURJPY the market is approaching towards our potential set up and so we are waiting for the market to reject that zone. We are short with our bias and look for confluences and confirmations before placing a trade.

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