(Last Updated October 8, 2021 10:22 GMT)
At the moment, NZDJPY’s rate is up 110 pips (0.01%) 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. 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 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 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)
The choppiness in the recent daily price action of NZDJPY continues; to start today, it came in at a price of 77.41472456, up 38 pips (0.49%) since yesterday. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 5th in terms of percentage change since yesterday. Let’s take a look at price chart of NZDJPY.
NZDJPY Technical Analysis
Notably, NZDJPY crossed above its 20, 50 and 200 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 2 pips away. For additional context, note that price has gone up 7 out of the past 14 days.