(Last Updated May 6, 2021 3:22 GMT)
At the time of this writing, NZDJPY’s rate is up 1620 pips (0.21%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDJPY has now gone up 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Of note is that the 100 hour changed directions on NZDJPY; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)
The choppiness in the recent daily price action of NZDJPY continues; to start today, it came in at a price of 78.8399514, up 56 pips (0.71%) since the day prior. Relative to other instruments in the Forex asset class, NZDJPY ranked 3rd the day prior in terms of percentage price change. The price chart of NZDJPY below illustrates.
NZDJPY Technical Analysis
The first thing we should note is that NZDJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days NZDJPY’s price has gone up 20 them.