NZDJPY Down 0 Pips in Last Hour, Entered Today Up For the 2nd Straight Day; Sentiment Suggests Buyers in Charge

Hourly Update

(Last Updated February 17, 2021 23:22 GMT)

At the time of this writing, NZDJPY’s rate is down -50 pips (-0.01%) 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 20 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 up 4 pips (0.05%) since the previous day (opening today near 76.29099194), marking the 2nd straight day an upward move has occurred. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 24th for the day in terms of price change. Let’s take a look at price chart of NZDJPY.

NZDJPY

NZDJPY Technical Analysis

Coming into today 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 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days NZDJPY’s price has gone up 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDJPY, with 7 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 7, which is very bullish. 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. Once expiry date hit, the order plan is no longer valid.D1/M55 (T.Cont.A-Clim.VPOC)1. (D1)(Y)(MUST) AutoClimate has statistic edge for moving up (Curr:4 / Std:5.24)2. (M55)(Y)(MUST) Has valid UFO area with strong engulfing candle with very small wick3. (M55)(Y)(MUST) VPOC inside UFO area4. (M55)(Y)(MUST) EMA200/100/55 should align with EMA9 Daily5. (M55)(Y)(MUST) EMA9 Daily inside slightly near VPOC areaD1/M55NZDJPY BUY @ 75.903SL 75.753 (15.0)TP 76.353 (45.0)EXP 2021.02.22 00:05 UTC+2Note! 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