(Last Updated January 13, 2021 2:22 GMT)
At the moment, NZDJPY’s rate is down -920 pips (-0.12%) from the hour prior. This is the 2nd consecutive hour NZDJPY has seen its price head down. 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 and 10 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 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 entered today at 74.843, up 20 pips (0.26%) from yesterday. Out of the 40 instruments in the Forex asset class, NZDJPY ended up ranking 13th for the day in terms of price change. Below is a price chart of NZDJPY.
NZDJPY Technical Analysis
Notably, NZDJPY is now close to its 20 day averages, located at 74.0417 respectively, and thus may be at a key juncture along those timeframes. 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. For additional context, note that price has gone up 16 out of the past 30 days.
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 3 sell signals. This imputes a buy/sell ratio of 2.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.