(Last Updated July 13, 2021 1:21 GMT)
At the moment, NZDJPY’s rate is up 290 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)
After 3 down days, NZDJPY snaps its streak, rising 75 pips (0.98%) over the past day to close at an exchange rate of 77.10061989. Relative to other instruments in the Forex asset class, NZDJPY ranked 3rd 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 the current price of NZDJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 63.1 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 up 8 out of the past 14 days.