NZD/JPY Down 24 Pips On Hourly Chart, Breaks Below 100 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 22, 2022 1:42 GMT)

At the time of this writing, NZDJPY’s rate is down -2390 pips (-0.28%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 6 pips (0.07%) since the day prior (opening today near 84.4859092), marking the 3rd straight day a decline has happened. Relative to other instruments in the Forex asset class, NZDJPY ranked 16th the day prior in terms of percentage price change. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDJPY crossed below its 100 day moving average yesterday. Or to simplify this another way, note that out of the past 30 days NZDJPY’s price has gone up 16 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDJPY; just 1 sell signals and 3 buy signals. This imputes a buy/sell ratio of 3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. 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/0MHl84W5/ Hello, Friends! NZD/JPY is trading In wayThat I predicted previously And now the pair is retestingA hidden bank’s levelSo I think a bullish move will follow! BUY! ✅LIKE AND COMMENT MY IDEAS✅