(Last Updated December 30, 2021 1:44 GMT)
At the time of this writing, NZDJPY’s rate is up 980 pips (0.12%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDJPY. Given that we see an uptrend 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)
The back and forth price flow continues for NZDJPY, which started today off at 78.57655821, up 49 pips 0.63% from the day prior. Relative to other instruments in the Forex asset class, NZDJPY ranked 4th the day prior in terms of percentage price change. Below is a price chart of NZDJPY.
NZDJPY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: NZDJPY crossed above its 100 and 200 day moving averages yesterday. 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 100 day average, which is 20.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone up 5 them.
The View From Around the Web
Not much commentary on NZDJPY that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
I see a kind of head and shoulders pattern which is not completed yet, what do you think?I would be happy to read your ideas in comments…