NZDJPY Up 4 Pips Over Past Hour; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated July 19, 2021 3:29 GMT)

Currently, NZDJPY’s rate is up 380 pips (0.05%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDJPY has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend 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)

The choppiness in the recent daily price action of NZDJPY continues; to start today, it came in at a price of 77.08451992, up 22 pips (0.28%) since yesterday. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 4th for the day in terms of price change. Let’s take a look at price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Coming into today NZDJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 44.8 pips away. It should be noted, though, the 20 and 100 day simple moving averages turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. 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 down 6 them.