(Last Updated March 31, 2021 0:23 GMT)
At the moment, NZDJPY’s rate is down 20 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 pin bar candlestick pattern on NZDJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 hour changed directions on NZDJPY; it is now pointing down. 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 54 pips (0.7%) since the previous day (opening today near 76.9402298), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, NZDJPY ranked 6th the previous day in terms of percentage price change. Here is a price chart of NZDJPY.
NZDJPY Technical Analysis
Notably, NZDJPY crossed above its 50 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. 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. Or to simplify this another way, note that out of the past 14 days NZDJPY’s price has gone down 8 them.