(Last Updated April 27, 2021 2:22 GMT)
At the time of this writing, NZDJPY’s rate is down -50 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on NZDJPY. Given that we see an uptrend on the 20 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)
NZDJPY is up 60 pips (0.78%) since yesterday (opening today near 78.22494636), marking the 2nd straight day it has gone up. Relative to other instruments in the Forex asset class, NZDJPY ranked 5th yesterday in terms of percentage price change. The price chart of NZDJPY below illustrates.
NZDJPY Technical Analysis
Coming into today the current price of NZDJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days NZDJPY’s price has gone up 7 them.