NZD/JPY Up 4 Pips Over Past Hour, Moves Down For the 4th Straight Day; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated June 15, 2022 1:45 GMT)

At the time of this writing, NZDJPY’s rate is up 350 pips (0.04%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDJPY has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend 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 6 pips (0.08%) since the previous day (opening today near 83.996659713), marking the 4th straight day a decrease has occurred. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 25th in terms of percentage change since the previous day. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

The first thing we should note is that NZDJPY is now close to its 20 and 50 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 50 day average, which is 8.6 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 15 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.