(Last Updated August 2, 2022 1:41 GMT)
Currently, NZDJPY’s rate is down -1370 pips (-0.16%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDJPY has now gone down 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 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 49 pips (0.58%) since the previous day (opening today near 83.2798733), marking the 5th consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, NZDJPY ranked 33rd the previous day in terms of percentage price change. Let’s take a look at price chart of NZDJPY.
NZDJPY Technical Analysis
The first thing we should note is that NZDJPY is now close to its 20, 50 and 100 day averages, located at 84.6917, 84.6519 and 84.2972 respectively, and thus may be at a key juncture along those timeframes. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.