NZD/JPY Down 9 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated December 20, 2021 1:42 GMT)

At the moment, NZDJPY’s rate is down -930 pips (-0.12%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDJPY has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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 down 56 pips (0.72%) since the previous day (opening today near 76.6050796), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, NZDJPY ranked 36th the previous day in terms of percentage price change. Below is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Notably, NZDJPY is now close to its 20, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 88.3 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 14 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 down 17 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.