(Last Updated February 19, 2021 0:24 GMT)
At the time of this writing, NZDJPY’s rate is up 840 pips (0.11%) from the hour prior. NZDJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a doji candlestick pattern on NZDJPY. Given that we see an uptrend 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 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 76.11815161, down 17 pips 0.23% from the previous day. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 29th for the day in terms of price change. The price chart of NZDJPY below illustrates.
NZDJPY Technical Analysis
Coming into today NZDJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for NZDJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.