Hourly Update

(Last Updated October 3, 2022 1:41 GMT)

At the time of this writing, NZDJPY’s rate is up 3580 Pips (0.44%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as Nzdjpy has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists 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 downtrend 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 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 down 165 pips (1.99%) since the previous day (opening today near 80.9681154), marking the 2nd straight day a decrease has occurred. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 38th for the day in terms of price change. Let’s take a look at price chart of NZDJPY.

NZDJPY Technical Analysis

First things first: NZDJPY crossed below its 200 day moving average yesterday. 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 200 day average, which is 154.7 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 8 out of the past 10 days.

The post NZD/JPY Up 36 Pips in Last Hour, Breaks Below 200 Day Average; Price Base in Formation Over Past 90 Days appeared first on CFDTrading.