(Last Updated September 22, 2020 0:18 GMT)
At the moment, NZDJPY’s rate is down 10 pips (0%) from the hour prior. NZDJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDJPY. Given that we see downtrend 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
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 70.572, down 16 pips 0.23% from the day prior. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 27th in terms of percentage change since the day prior. Here is a price chart of NZDJPY.
NZDJPY Technical Analysis
Notably, NZDJPY crossed below its 20 day moving average yesterday. 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 30 and 90 day timeframes. 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
We’re seeing some traders come out with interesting conviction on NZDJPY, with 5 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.45, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and harmonic technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
The pair is trading in a resistance and support channel from some time and now moving towards the support level at 69.00….It may rebound back after touching support level to again move towards resistance level at 72.00….Until it breaks resistance or support level, it will hover in this channel.