NZD/JPY Down 5 Pips in Last Hour, 3 Day Up Streak Broken; Crosses 200 Day Moving Average

Hourly Update

(Last Updated December 27, 2021 1:41 GMT)

At the moment, NZDJPY’s rate is down -500 pips (-0.06%) from the hour prior. The hourly chart shows that NZDJPY has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 up streak; price ended yesterday down 22 pips (-0.28%) to finish the day at a rate of 77.9620896. Relative to other instruments in the Forex asset class, NZDJPY ranked 32nd yesterday in terms of percentage price change. The price chart of NZDJPY below illustrates.

NZDJPY

NZDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDJPY crossed below its 200 day moving average yesterday. 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 200 day average, which is 10.8 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. 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 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDJPY, with 2 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZDJPY IS facing a very strong resistence , the Price will drop down next week…close all your buy positions and open more sell positions to make easy money