(Last Updated November 18, 2020 2:20 GMT)
At the moment, NZDJPY’s rate is down -1510 pips (-0.21%) from the hour prior. The hourly chart shows that NZDJPY has seen 2 straight down 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)
The choppiness in the recent daily price action of NZDJPY continues; to start today, it came in at a price of 71.804, down 39 pips (0.53%) since yesterday. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 37th in terms of percentage change since yesterday. Below is a price chart of NZDJPY.
NZDJPY Technical Analysis
The first thing we should note is that the current price of NZDJPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 131.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 5 out of the past 10 days.