NZD/JPY Down 0 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Breaks Above 20, 50, 100 and 200 Day Averages

Hourly Update

(Last Updated September 24, 2021 1:51 GMT)

At the time of this writing, NZDJPY’s rate is down -10 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDJPY has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDJPY. 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.

NZDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDJPY is up 124 pips (1.61%) since the previous day (opening today near 77.9839377), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, NZDJPY ranked 2nd the previous day in terms of percentage price change. The price chart of NZDJPY below illustrates.

NZDJPY

NZDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDJPY crossed above its 20, 50, 100 and 200 day moving averages yesterday. 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 20 day average, which is 29.3 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone up 5 them.