NZD/JPY Up 4 Pips Over Past Hour, 2 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 17, 2021 1:50 GMT)

At the moment, NZDJPY’s rate is up 380 pips (0.05%) from the hour prior. The hourly chart shows that NZDJPY has seen 2 straight up hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 back and forth price flow continues for NZDJPY, which started today off at 80.30722581, down 7 pips 0.08% from the previous day. Relative to other instruments in the Forex asset class, NZDJPY ranked 28th the previous day in terms of percentage price change. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

The first thing we should note is that the current price of NZDJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for NZDJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 and 30 day timeframes. For additional context, note that price has gone up 18 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.