NZD/JPY Up 12 Pips in Last Hour, 2 Day Up Streak Broken; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated May 2, 2022 1:42 GMT)

At the time of this writing, NZDJPY’s rate is up 1250 pips (0.15%) 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 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)

The choppiness in the recent daily price action of NZDJPY continues; to start today, it came in at a price of 83.8130548, down 110 pips (1.29%) since yesterday. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 37th for the day in terms of price change. The price chart of NZDJPY below illustrates.

NZDJPY

NZDJPY Technical Analysis

Notably, the current price of NZDJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. For additional context, note that price has gone down 7 out of the past 10 days. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 90 day