NZDJPY Up 11 Pips Over Past Hour, Moves Down For the 4th Straight Day; Crosses 100 Day Moving Average

Hourly Update

(Last Updated September 25, 2020 6:17 GMT)

Currently, NZDJPY’s rate is up 1060 pips (0.15%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDJPY. Given that we see an uptrend on the 20 and 10 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

NZDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDJPY is down 57 pips (0.82%) since the day prior (opening today near 69), marking the 4th straight day it has gone down. Relative to other instruments in the Forex asset class, NZDJPY ranked 35th the day prior in terms of percentage price change. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDJPY crossed below its 100 day moving average yesterday. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 9 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDJPY, with 11 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of bollinger bands, channel, relative strength index and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This support area did not have enough power to change the direction….Now, the latest support area seems to do something different….I would say, this time the support area could be powerful.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram