NZD/JPY Down 7 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated November 17, 2022 1:46 GMT)

Currently, NZDJPY’s rate is down -750 pips (-0.09%) from the hour prior. NZDJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDJPY. Given that we see downtrend on the 20 and 10 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)

NZDJPY is up 9 pips (0.1%) since the previous day (opening today near 85.6818036), marking the 3rd straight day it has gone up. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 22nd for the day in terms of price change. Below is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Coming into today NZDJPY is now close to its 20, 50, 100 and 200 day averages, located at 85.6825, 84.4825, 84.6668 and 83.6996 respectively, and thus may be at a key juncture along those timeframes. 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 0.1 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 30 day horizon; over that time period, price has been moving up. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!