NZD/JPY Down 44 Pips On Hourly Chart, Makes Big Move Relative to Past Three Months; 3 Day Down Streak Ended

Hourly Update

(Last Updated November 7, 2022 1:41 GMT)

Currently, NZDJPY’s rate is down -4370 pips (-0.5%) 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. 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)

A moment of silence, please, for the end of NZDJPY’s 3 day down streak; price ended the previous day up 124 pips (1.45%) to finish the day at a rate of 86.833839321. Relative to other instruments in the Forex asset class, NZDJPY ranked 8th the previous day in terms of percentage price change. Below is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

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 100 day average, which is 220.2 pips away. 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days NZDJPY’s price has gone up 8 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDJPY; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

this is my idea for nzdjpy it is goona down by short time