NZDJPY Up 13 Pips Over Past Hour, Moves Up For the 7th Straight Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 4, 2020 9:52 GMT)

At the time of this writing, NZDJPY’s rate is up 1300 pips (0.18%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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 above it. 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 31 pips (0.43%) since the day prior (opening today near 71.887), marking the 7th straight day an increase has occurred. Out of the 40 instruments in the Forex asset class, NZDJPY ended up ranking 3rd for the day in terms of price change. Let’s take a look at price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Coming into today the current price of NZDJPY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 175.2 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 9 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDJPY, with 3 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. 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.

Method 1+ Keltner channel: the price closed above or below Upper / Lower Keltner for signal 1….https://www.tradingview.com/x/O08Dedog Method 2+ Keltner channel: price closes above or below Upper 2 / Lower 2 Keltner gives signal 1….———————————— Stoploss: Calculated from the entry point + – actual fluctuation by the formula ATR (20) * risk ratio (risk).


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram