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NZD/JPY Up 7 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; Breaks Above 100 Day Average

NZDJPY

Hourly Update

(Last Updated September 2, 2021 1:57 GMT)

At the moment, NZDJPY’s rate is up 680 pips (0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 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)

NZDJPY is up 25 pips (0.32%) since the previous day (opening today near 77.76499742), marking the 2nd consecutive day it has gone up. Out of the 39 instruments in the Forex asset class, NZDJPY ended up ranking 10th for the day in terms of price change. The price chart of NZDJPY below illustrates.

NZDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDJPY crossed above its 100 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 100 day average, which is 4.4 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 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 7 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDJPY; just 3 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

wave:Nzdjpy is currently at the end of 5 waves 5 and will now move back to the start of 5 waves 2 with a target of 76.72