NZDJPY Up 11 Pips in Last Hour, 2 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 16, 2020 23:18 GMT)

At the time of this writing, NZDJPY’s rate is up 1120 pips (0.16%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 70.772, down 5 pips (0.07%) from yesterday. Relative to other instruments in the Forex asset class, NZDJPY ranked 25th yesterday in terms of percentage price change. Here is a 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 9 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDJPY, with 9 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.69, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

”SELL MARKET ORDER”Why sell? Butterfly Fibonacci cluster Bearish hidden divergence Cluster consisting of: 1.272 ext. 0.236 ret. 1.00 projection Stops: 2 pips above the 1.272 extension at 71.276TP1: 70.5TP2: 70Good luck to those following and everyone else trading NZD/JPY!


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram