NZD/JPY Up 12 Pips On Hourly Chart, 3 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 15, 2021 1:41 GMT)

Currently, NZDJPY’s rate is up 1250 pips (0.16%) 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 50 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)

A moment of silence, please, for the end of NZDJPY’s 3 day down streak; price ended yesterday up 11 pips (0.14%) to finish the day at a rate of 80.1741458. Relative to other instruments in the Forex asset class, NZDJPY ranked 14th yesterday in terms of percentage price change. Let’s take a look at price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

The first thing we should note is that 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. 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 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 and 30 day timeframes. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone down 6 them.