(Last Updated June 10, 2021 7:23 GMT)
At the moment, NZDJPY’s rate is up 70 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDJPY has now gone up 4 of the past 5 hours. 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
NZDJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZDJPY is down 10 pips (0.13%) since yesterday (opening today near 78.62954582), marking the 3rd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 28th for the day in terms of price change. Below is a price chart of NZDJPY.
NZDJPY Technical Analysis
Notably, NZDJPY is now close to its 20, 50 and 100 day averages, located at 78.9389, 78.376 and 77.5275 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 8 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.