NZDJPY Up 15 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Moves Up For the 3rd Day In A Row

Hourly Update

(Last Updated February 24, 2021 0:25 GMT)

Currently, NZDJPY’s rate is up 1450 pips (0.19%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji 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 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 is up 3 pips (0.04%) since yesterday (opening today near 76.94301), marking the 3rd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, NZDJPY ranked 24th yesterday in terms of percentage price change. Let’s take a look at price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

The first thing we should note is that NZDJPY is now close to its 20 day averages, located at 75.7472 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days NZDJPY’s price has gone up 9 them.