NZDJPY Down 11 Pips Over Past Hour, 3 Day Up Streak Ended; is Inching Close to 20 Day Average

Hourly Update

(Last Updated January 25, 2021 23:21 GMT)

At the moment, NZDJPY’s rate is down -1100 pips (-0.15%) 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 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern 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. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NZDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of NZDJPY’s 3 day up streak; price ended the day prior down 21 pips (-0.29%) to finish the day at a rate of 74.49433446. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 31st for the day in terms of price change. The price chart of NZDJPY below illustrates.

NZDJPY

NZDJPY Technical Analysis

Coming into today NZDJPY is now close to its 20 and 50 day averages, located at 74.4608 and 73.5935 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days NZDJPY’s price has gone up 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!