(Last Updated September 3, 2021 2:21 GMT)
At the time of this writing, NZDJPY’s rate is up 550 pips (0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 39 pips (0.5%) since yesterday (opening today near 78.15731302), marking the 3rd consecutive day it has gone up. Relative to other instruments in the Forex asset class, NZDJPY ranked 2nd yesterday in terms of percentage price change. Below is a price chart of NZDJPY.
NZDJPY Technical Analysis
The first thing we should note is that NZDJPY is now close to its 20, 50, 100 and 200 day averages, located at 76.7332, 76.9526, 77.7224 and 76.6998 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 100 day average, which is 43.5 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 8 out of the past 10 days.