(Last Updated November 12, 2020 1:20 GMT)
At the time of this writing, NZDJPY’s rate is down -460 pips (-0.06%) from the hour prior. This is the 2nd hour in a row NZDJPY has seen its price head down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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 20 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
NZDJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZDJPY entered today at 71.785, down 2 pips (0.03%) from the day prior. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 28th in terms of percentage change since the day prior. The price chart of NZDJPY below illustrates.
NZDJPY Technical Analysis
The first thing we should note is that 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. 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 50 day average, which is 171.2 pips away. For additional context, note that price has gone up 9 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!