NZD/JPY Down 7 Pips in Last Hour, Price Base in Formation Over Past 90 Days; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated November 24, 2022 1:43 GMT)

At the time of this writing, NZDJPY’s rate is down -710 pips (-0.08%) from the hour prior. The hourly chart shows that NZDJPY has seen 2 straight down hours. 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 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 19 pips (0.21%) since the day prior (opening today near 86.8982499), marking the 8th consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, NZDJPY ranked 13th the day prior in terms of percentage price change. Let’s take a look at price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Notably, NZDJPY is now close to its 20 and 100 day averages, located at 86.0485 and 84.7907 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 85 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 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. Or to simplify this another way, note that out of the past 30 days NZDJPY’s price has gone up 19 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDJPY, with 0 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hi everyone! I’m watching NZDJPY for sell setups. A nice potential is there so I will keep on watching for sell setups. Thank you for your support !