NZD/JPY Up 13 Pips Over Past Hour, Breaks Above 50 and 100 Day Averages; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated January 5, 2022 1:44 GMT)

Currently, NZDJPY’s rate is up 1270 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)

NZDJPY entered today at 79.17230196, up 88 pips (1.12%) from the previous day. Relative to other instruments in the Forex asset class, NZDJPY ranked 4th the previous day in terms of percentage price change. The price chart of NZDJPY below illustrates.

NZDJPY

NZDJPY Technical Analysis

First things first: NZDJPY crossed above its 50 and 100 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 50 day average, which is 35.8 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. For additional context, note that price has gone down 15 out of the past 30 days.