NZD/JPY Down 1 Pips On Hourly Chart, Breaks Below 50 Day Average; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated May 10, 2022 1:43 GMT)

At the moment, NZDJPY’s rate is down -90 pips (-0.01%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 20 and 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)

NZDJPY is down 112 pips (1.34%) since yesterday (opening today near 82.4963425), marking the 3rd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 37th for the day in terms of price change. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

First things first: NZDJPY crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed down. For additional context, note that price has gone down 7 out of the past 10 days.