(Last Updated January 12, 2021 2:22 GMT)
Currently, NZDJPY’s rate is up 430 pips (0.06%) from the hour prior. The hourly chart shows that NZDJPY has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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)
NZDJPY is down 54 pips (0.72%) since yesterday (opening today near 74.647), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, NZDJPY ranked 37th yesterday in terms of percentage price change. The price chart of NZDJPY below illustrates.
NZDJPY Technical Analysis
Notably, 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. The clearest trend exists on the 14 day timeframe, which shows price moving up 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
We’re seeing some traders come out with interesting conviction on NZDJPY, with 9 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Retesting broken zone. Momentum going up. Waiting for confirmation for long position.