NZDJPY Down 13 Pips in Last Hour, Entered Today Up For the 3rd Consecutive Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated October 6, 2021 10:21 GMT)

Currently, NZDJPY’s rate is down -1300 pips (-0.17%) from the hour prior. NZDJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDJPY. Given that we see downtrend on the 20, 10 and 5 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)

NZDJPY is up 34 pips (0.43%) since the previous day (opening today near 77.55911336), marking the 3rd consecutive day it has gone up. Relative to other instruments in the Forex asset class, NZDJPY ranked 8th the previous day in terms of percentage price change. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Notably, NZDJPY crossed above its 20 and 100 day moving averages yesterday. 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 2.6 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days NZDJPY’s price has gone down 8 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDJPY; just 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

structure failing to break below key level and now showing signs of continuation after break of level. Just keeping it simple and following the trend.