NZD/JPY Up 6 Pips in Last Hour, 5 Day Up Streak Ended; Eyes 20, 50 and 100 Day Averages

Hourly Update

(Last Updated October 5, 2020 16:26 GMT)

At the time of this writing, NZDJPY’s rate is up 0.057 (0.08%) from the hour prior. This is the 2nd straight hour NZDJPY has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NZDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of NZDJPY’s 5 day up streak; price ended the previous day down 26 pips (-0.37%) to finish the day at a rate of 69.852. Relative to other instruments in the Forex asset class, NZDJPY ranked 34th the previous day in terms of percentage price change. Let’s take a look at price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Coming into today NZDJPY is now close to its 20, 50, 100 and 200 day averages, located at 70.0817, 70.1574, 69.6085 and 68.6998 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 23 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone up 5 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDJPY, with 8 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.53, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and triple top technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Risk per trade: 1%.—> How to the signal works is in links below.