NZD/JPY Up 1 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated December 16, 2021 1:44 GMT)

At the moment, NZDJPY’s rate is up 110 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDJPY has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 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 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 entered today at 77.4107886, up 77 pips (1.01%) from the day prior. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 5th for the day in terms of price change. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Notably, NZDJPY is now close to its 20, 100 and 200 day averages, located at 77.8045, 78.3136 and 78.1087 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 39.4 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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 down. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone up 5 them.