(Last Updated February 19, 2021 23:22 GMT)
At the moment, NZDJPY’s rate is up 40 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 an uptrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
NZDJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZDJPY entered today at 76.28711734, up 17 pips (0.22%) from yesterday. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 15th for the day in terms of price change. The price chart of NZDJPY below illustrates.
NZDJPY Technical Analysis
The first thing we should note is that NZDJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for NZDJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone up 6 them.