NZD/JPY Down 4 Pips in Last Hour, Came Into Today Up For the 7th Straight Day; Price Base in Formation Over Past 14 and 90 Days

Hourly Update

(Last Updated November 23, 2022 2:28 GMT)

At the moment, NZDJPY’s rate is down -390 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 up 6 pips (0.07%) since the previous day (opening today near 86.7121482), marking the 7th straight day it has gone up. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 14th in terms of percentage change since the previous day. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

The first thing we should note is that the current price of NZDJPY is sitting close to its 20 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 20 day average, which is 74.6 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 and 90 day periods 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 14 days NZDJPY’s price has gone up 9 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDJPY, with 3 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Looking to short NJ after potential flip at resistance ! We’ll wait on a bearish candle to form ! Clean RR! Simple set up !