NZDJPY Down 5 Pips Over Past Hour, 2 Day Up Streak Broken; is Inching Close to 20 Day Average

Hourly Update

(Last Updated September 17, 2020 23:17 GMT)

At the moment, NZDJPY’s rate is down -460 pips (-0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

NZDJPY entered today at 70.772, down 5 pips (0.07%) from yesterday. Out of the 40 instruments in the Forex asset class, NZDJPY ended up ranking 25th for the day in terms of price change. Below is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Notably, 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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern 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 8 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.42, which is bearish. As for the rationale, technical traders seem to be citing the appearance of moving average and triple top technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.


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