NZDJPY Down 12 Pips Over Past Hour, Fares the Worst Out of Forex; 4 Day Up Streak Snapped

Hourly Update

(Last Updated May 31, 2021 2:22 GMT)

Currently, NZDJPY’s rate is down -1230 pips (-0.15%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDJPY has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Of note is that the 50 hour changed directions on NZDJPY; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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, which opened today priced near 79.55173875, is down 46 pips 0.58% since the previous day, marking a reversal from the day prior — and the end of a 4 day positive run. On a relative basis, NZDJPY was the worst performer out of all 39 of the assets in the Forex asset class. Let’s take a look at price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Coming into today NZDJPY is now close to its 20 and 50 day averages, located at 78.8234 and 77.9887 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 14 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 90 and 30 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDJPY; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.