(Last Updated July 29, 2022 1:43 GMT)
Currently, NZDJPY’s rate is up 1530 pips (0.18%) 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 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 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 is down 69 pips (0.81%) since yesterday (opening today near 84.5574917), marking the 3rd straight day it has gone down. Relative to other instruments in the Forex asset class, NZDJPY ranked 32nd yesterday in terms of percentage price change. Here is a price chart of NZDJPY.
NZDJPY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: NZDJPY crossed below its 20 and 50 day moving averages yesterday. Price action traders in particular will want to note that the 30 and 90 day periods 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 30 days NZDJPY’s price has gone down 16 them.