(Last Updated November 17, 2020 2:20 GMT)
At the moment, NZDJPY’s rate is up 210 pips (0.03%) from the hour prior. The hourly chart shows that NZDJPY has seen 2 straight up hours. 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 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 72.19, up 61 pips (0.85%) from yesterday. Relative to other instruments in the Forex asset class, NZDJPY ranked 3rd yesterday in terms of percentage price change. Let’s take a look at price chart of NZDJPY.
NZDJPY Technical Analysis
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 182.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone up 6 them.