(Last Updated April 22, 2021 2:22 GMT)
Currently, NZDJPY’s rate is up 60 pips (0.01%) from the hour prior. This is the 2nd hour in a row NZDJPY has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDJPY. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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)
A moment of silence, please, for the end of NZDJPY’s 3 day down streak; price ended yesterday up 38 pips (0.49%) to finish the day at a rate of 77.82949376. Relative to other instruments in the Forex asset class, NZDJPY ranked 7th yesterday in terms of percentage price change. The price chart of NZDJPY below illustrates.
NZDJPY Technical Analysis
The first thing we should note is that NZDJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 47.4 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. 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 10 days NZDJPY’s price has gone up 5 them.