NZDJPY Up 5 Pips in Last Hour, Price Base in Formation Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 19, 2020 10:19 GMT)

At the moment, NZDJPY’s rate is up 460 pips (0.07%) 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 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 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)

The choppiness in the recent daily price action of NZDJPY continues; to start today, it came in at a price of 69.592, up 4 pips (0.06%) since the day prior. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 12th in terms of percentage change since the day prior. The price chart of NZDJPY below illustrates.

NZDJPY

NZDJPY Technical Analysis

Coming into today the current price of NZDJPY is sitting close to its 20, 50, 100 and 200 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 7.4 pips away. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone up 5 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.