NZDJPY Down 0 Pips On Hourly Chart, in a Downtrend Over Past 30 Days; is Inching Close to 20 and 100 Day Averages

Hourly Update

(Last Updated October 9, 2020 2:19 GMT)

Currently, NZDJPY’s rate is down -40 pips (-0.01%) 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. 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 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 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 69.661, down 2 pips (0.02%) since yesterday. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 21st in terms of percentage change since yesterday. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Notably, NZDJPY is now close to its 20, 50, 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 11.8 pips away. Volatility for NZDJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone up 7 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!