(Last Updated September 23, 2020 0:18 GMT)
Currently, NZDJPY’s rate is up 40 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 downtrend on the 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 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 81 pips (1.14%) since yesterday (opening today near 69.765), marking the 2nd straight day a decrease has occurred. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 38th in terms of percentage change since yesterday. Here is a price chart of NZDJPY.
NZDJPY Technical Analysis
First things first: NZDJPY crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 and 30 day timeframes. For additional context, note that price has gone down 6 out of the past 10 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on NZDJPY, with 8 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.47, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
15 min red candle at resistance. great R:R. Breakdown into channel. Risk Off Markets.