NZD/JPY Up 4 Pips On Hourly Chart, Entered Today Up For the 5th Consecutive Day; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated June 3, 2022 1:44 GMT)

Currently, NZDJPY’s rate is up 410 pips (0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDJPY has now gone up 12 of the past 14 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 up 90 pips (1.07%) since the day prior (opening today near 85.23547978), marking the 5th consecutive day an increase has occurred. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 5th for the day in terms of price change. Let’s take a look at price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

The first thing we should note is that NZDJPY is now close to its 50 day averages, located at 84.0502 respectively, and thus may be at a key juncture along those timeframes. 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 118.5 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned upwards, which may be a bullish sign. 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. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone up 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDJPY, with 0 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This is an educational + analytic content that will teach why and how to enter a tradeMake sure you watch the price action closely in each analysis as this is a very important part of our methodDisclaimer : this analysis can change at anytime without notice and it is only for the purpose of assisting traders to make independent investments decisions