NZDJPY Up 2 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Moves Down For the 2nd Day In A Row

Hourly Update

(Last Updated October 16, 2020 3:20 GMT)

At the time of this writing, NZDJPY’s rate is up 220 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

NZDJPY is down 45 pips (0.64%) since the previous day (opening today near 69.549), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, NZDJPY ranked 33rd the previous day in terms of percentage price change. Below is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Notably, NZDJPY crossed below its 20 and 100 day moving averages 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 20 day average, which is 16.6 pips away. 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 16 out of the past 30 days.