(Last Updated June 16, 2022 1:43 GMT)
Currently, NZDJPY’s rate is up 2600 pips (0.31%) 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 20 hour timeframe. 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)
A moment of silence, please, for the end of NZDJPY’s 4 day down streak; price ended the day prior up 31 pips (0.37%) to finish the day at a rate of 84.306144. Relative to other instruments in the Forex asset class, NZDJPY ranked 14th the day prior in terms of percentage price change. Let’s take a look at price chart of NZDJPY.
NZDJPY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: NZDJPY crossed above its 50 day moving average yesterday. 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 50 day average, which is 25 pips away. 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 5 out of the past 10 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for NZDJPY; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price after accumulation is expected to be bullish, risk management and due diligence is advised