(Last Updated September 7, 2020 15:17 GMT)
At the time of this writing, NZDJPY’s rate is down -140 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDJPY has now gone down 9 of the past 10 hours. 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 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 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)
The back and forth price flow continues for NZDJPY, which started today off at 71.354, up 11 pips 0.15% from yesterday. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 10th in terms of percentage change since yesterday. Here is a price chart of NZDJPY.
NZDJPY Technical Analysis
The first thing we should note is that NZDJPY is now close to its 20 and 50 day averages, located at 70.2424 and 70.2271 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 20 day average, which is 111.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 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!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDJPY, with 9 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.8, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Just a the best result at the history for confident to using for Trade….Filter the Candel is over 80% for Not Entry….Just a the best result at the history for confident to using for Trade.