NZD/JPY Down 0 Pips Over Past Hour; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 20, 2022 1:47 GMT)

Currently, NZDJPY’s rate is down 0 pips (0%) from the hour prior. NZDJPY has seen its price go down 9 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDJPY. Given that we see downtrend 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 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 back and forth price flow continues for NZDJPY, which started today off at 77.56953568, down 0 pips 0% from the day prior. Relative to other instruments in the Forex asset class, NZDJPY ranked 18th the day prior in terms of percentage price change. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Coming into today NZDJPY is now close to its 20, 50, 100 and 200 day averages, located at 78.2267, 78.1275, 78.6351 and 78.1779 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 55.8 pips away. It should be noted, though, the 20, 100 and 200 day simple moving averages turned downwards, which may be a bearish sign. 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 30 day timeframe. Or to simplify this another way, note that out of the past 30 days NZDJPY’s price has gone down 15 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.