NZDJPY Up 11 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Crosses 20 Day Moving Average

Hourly Update

(Last Updated June 7, 2021 17:23 GMT)

Currently, NZDJPY’s rate is up 1080 pips (0.14%) from the hour prior. NZDJPY has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDJPY. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning above it. 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)

After 3 down days, NZDJPY snaps its streak, rising 13 pips (0.16%) over the past day to close at an exchange rate of 78.95622593. Relative to other instruments in the Forex asset class, NZDJPY ranked 12th the day prior in terms of percentage price change. Here is a price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDJPY crossed above its 20 day moving average yesterday. 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 8 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDJPY; just 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello everyone, if you like the idea, do not forget to support with a like and follow.The following confluences have been observed and satisfied with the direction of market. Our trading plan is to bid at better price and hoping the market pick up our bid and move further with trend.The bidding plan should come with expiry date.D1/M55 (T.Cont.PB.AClim)1. (D1)(Y)(MUST) AutoClimate has statistic edge for moving down (Curr:1 / Std:5.77)2. (H4/H1)(Y)(MUST) UFO is not within whitspace3. (M55)(Y)(MUST) UFO area with in-balance price4. (M55)(Y)(MUST) EMA200/100/55 should align with EMA9 Daily5. (M55)(Y)(MUST) EMA9 Daily inside UFO areaD1/M55NZDJPY SELL @ 79.138SL 79.350 (21.2)TP 78.692 (44.6)CANCEL WHEN D1 autoclimate reset countingCANCEL WHEN EMA200 & EMA9-daily has exceeded too wide with UFOTrading plan become invalid if one of below condition appear1. The price goes further down, causing the EMA200 & EMA9-daily has exceeded too wide with UFO.2. Another potential UFO has appeared and align with EMA200 & EMA9-daily3. Autoclimate at D1/W1 has reset countingDisclaimer Notice !!!The plan that shared here are not 100% confirm winning trade. There is no such thing as “always win” strategy. There will be a time we will face losing in rows. We are not pursuing high winning rate here. With good money management, we can be consistent profit in the long run. Any trades you decide to take are your own. The trades shared here are for educational/informational purposes only and are Mulchen’s personal trades.Good luck!~Mulchen, CISSP