NZD/JPY Down 5 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 12, 2020 1:33 GMT)

Currently, NZDJPY’s rate is down -0.046 (-0.06%) from the hour prior. The hourly chart shows that NZDJPY has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDJPY. Given that we see an uptrend on the 20 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)

The back and forth price flow continues for NZDJPY, which started today off at 72.546, up 76 pips 1.06% from the day prior. Out of the 40 instruments in the Forex asset class, NZDJPY ended up ranking 4th for the day in terms of 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 243.8 pips away. The clearest trend exists on the 14 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. For additional context, note that price has gone up 18 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDJPY, with 4 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

PRICE IS AT A DOUBLE TOP ZONE AND HAS ALREADY MADE A 1+2 TOUCH. WE’LL ONLY TAKE THE SELL IF PRICE DROPS AND CREATED A BEARISH FLAG PATTERN