(Last Updated September 14, 2020 23:17 GMT)
At the moment, NZDJPY’s rate is up 50 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 back and forth price flow continues for NZDJPY, which started today off at 70.752, up 19 pips 0.26% from the day prior. Out of the 40 instruments in the Forex asset class, NZDJPY ended up ranking 8th for the day in terms of price change. The price chart of NZDJPY below illustrates.
NZDJPY Technical Analysis
Coming into today NZDJPY is now close to its 20 and 50 day averages, located at 70.4233 and 70.3286 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 20 day average, which is 32.9 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. Or to simplify this another way, note that out of the past 30 days NZDJPY’s price has gone up 16 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDJPY, with 4 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.27, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Going short here after touch on a multi-year trend line. Looking to achieve at least 70pips here, where 61.8%fib lvl is.Please if you like my analysis, dont forget to hit like! Have a nice week everyone!