(Last Updated May 4, 2022 1:43 GMT)
Currently, NZDJPY’s rate is down -30 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 down 9 pips (0.1%) since the day prior (opening today near 83.6637354086), marking the 3rd consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, NZDJPY ranked 23rd the day prior in terms of percentage price change. Let’s take a look at price chart of NZDJPY.
NZDJPY Technical Analysis
The first thing we should note is that the current price of NZDJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone down 8 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDJPY, with 1 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on fxempire.com; below is a short snippet from it to give you a taste.
Today we will talk about NZDJPY pair in which we pretty nice and clean intraday Elliott wave bearish development.