(Last Updated September 9, 2020 15:17 GMT)
At the moment, NZDJPY’s rate is up 1530 pips (0.22%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDJPY has now gone up 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 200 hour changed directions on NZDJPY; it is now pointing up. 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 choppiness in the recent daily price action of NZDJPY continues; to start today, it came in at a price of 71.066, down 29 pips (0.4%) since yesterday. Out of the 40 instruments in the Forex asset class, NZDJPY ended up ranking 33rd for the day in terms of price change. Below is a price chart of NZDJPY.
NZDJPY Technical Analysis
Notably, NZDJPY is now close to its 20 and 50 day averages, located at 70.3042 and 70.2671 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 76.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on NZDJPY, with 6 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.38, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
We are currently looking at a pullback in NZDJPY.After this pullback is over, we’ll be looking for a ny shorting opportunities around 61.8 fibonacci zone with our short target as shown on the chart.