NZD/JPY Down 22 Pips in Last Hour, 2 Day Up Streak Ended; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated August 5, 2022 1:44 GMT)

Currently, NZDJPY’s rate is down -2160 pips (-0.26%) from the hour prior. NZDJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 20 and 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)

The choppiness in the recent daily price action of NZDJPY continues; to start today, it came in at a price of 83.6565292, down 42 pips (0.5%) since the day prior. Relative to other instruments in the Forex asset class, NZDJPY ranked 31st the day prior in terms of percentage price change. The price chart of NZDJPY below illustrates.

NZDJPY

NZDJPY Technical Analysis

Coming into today NZDJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 72.3 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 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 1 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

https://www.tradingview.com/x/AsHnH2X7/ Hello, Friends! After some time of sending us mixed signals NZD/JPY is finally giving us a solid bearish biasAnd judging by the price action at the lower timeframesThe pair is about to go down! SELL! ✅LIKE AND COMMENT MY IDEAS✅