(Last Updated May 12, 2022 1:43 GMT)
At the moment, NZDJPY’s rate is down -2150 pips (-0.26%) from the hour prior. This is the 2nd consecutive hour NZDJPY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 32 pips (0.4%) since the day prior (opening today near 81.662868), marking the 5th straight day a decline has happened. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 30th for the day in terms of price change. The price chart of NZDJPY below illustrates.
NZDJPY Technical Analysis
Notably, the current price of NZDJPY is sitting close to its 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed down. Or to simplify this another way, note that out of the past 30 days NZDJPY’s price has gone down 20 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDJPY, with 11 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 3.67, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
nzdjpy buy .. buy after the break above the resistance1 and 50 ma … finally target resistance 3 ….