(Last Updated July 15, 2021 1:21 GMT)
At the moment, NZDJPY’s rate is down -330 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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)
NZDJPY is down 28 pips (0.37%) since the previous day (opening today near 76.80246524), marking the 2nd day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 32nd for the day in terms of price change. Let’s take a look at price chart of 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 77.2 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days.