NZD/JPY Down 2 Pips Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; Breaks Below 200 Day Average

NZD/JPY 4 Hour Price Update

Updated June 25, 2020 01:14 PM GMT (09:14 AM EST)

The choppiness in the recent four-hour candle price action of NZD/JPY continues; to start the current 4 hour candle, it came in at a price of 68.842, down 2 pips (0.03%) since the last 4 hour candle. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 20th in terms of percentage change since the last 4 hour candle.

NZD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/JPY is down 7 pips (0.1%) since the day prior (opening today near 68.53108924), marking the 3rd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, NZD/JPY ended up ranking 36th for the day in terms of price change. The price chart of NZD/JPY below illustrates.

NZD/JPY Technical Analysis

First things first: NZD/JPY 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 1.5 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Volatility for NZD/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 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 NZD/JPY’s price has gone down 7 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDJPY, with 5 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.62, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

With Price ranging in a channel around the resistance region….will it breakout upward or downward.?…Well i strongly feel that since price is consolidating around the resistance region..We may see some breakout in price in the upward direction.