NZDJPY Down 3 Pips Over Past Hour, Entered Today Up For the 2nd Consecutive Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated February 22, 2021 23:22 GMT)

At the moment, NZDJPY’s rate is down -280 pips (-0.04%) from the hour prior. NZDJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDJPY. Given that we see downtrend on the 20 and 5 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 is up 62 pips (0.82%) since yesterday (opening today near 76.91029542), marking the 2nd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 6th for the day in terms of price change. Below is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Notably, NZDJPY is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for NZDJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. 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

Not much in terms quality buy/sell signals we’re seeing for NZDJPY; just 0 sell signals and 2 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello traders, Wave 3 has probably ended at 77.224. Wave 4 is supposed to materialise towards the support zone at 75.579. Thanks.