Hourly Update

(Last Updated November 29, 2022 1:43 GMT)

Currently, NZDJPY’s rate is down -1400 pips (-0.16%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a Trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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)

The choppiness in the recent daily price action of NZDJPY continues; to start today, it came in at a price of 85.565249263, down 126 pips (1.45%) since the previous day. Relative to other instruments in the Forex asset class, NZDJPY ranked 38th the previous day in terms of percentage price change. Here is a price chart of NZDJPY.

NZDJPY Technical Analysis

First things first: NZDJPY crossed below its 20 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 20 day average, which is 57.4 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days NZDJPY’s price has gone up 8 them.

The post NZD/JPY Down 14 Pips Over Past Hour, Makes Big Move Relative to Past Month; Breaks Below 20 Day Average appeared first on CFDTrading.