NZDJPY Down 6 Pips Over Past Hour, Moves Down For the 2nd Day In A Row; is Inching Close to 20 Day Average

Hourly Update

(Last Updated January 5, 2021 2:22 GMT)

At the moment, NZDJPY’s rate is down -630 pips (-0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 25 pips (0.34%) since the day prior (opening today near 73.96), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, NZDJPY ranked 24th the day prior in terms of percentage price change. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Notably, NZDJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days NZDJPY’s price has gone up 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDJPY, with 5 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 1.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.