NZD/JPY Down 193 Pips; in a Downtrend Over Past 90 Days

NZD/JPY Price Recap

NZD/JPY is down 193 pips (3.03%) since yesterday (with its current price near 61.951), marking the 3rd day in a row a decrease has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 0.57% from the day prior, and up 24.16% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/JPY ended up ranking 34th for the day in terms of day-over-day price change. Here is a price chart of NZD/JPY.

NZD/JPY Technical Analysis

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 503.8 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDJPY, with 6 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.2, which is neutral. 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.

Almost all pairs are running in CHANNELS in this market condition….The pair seems to be in a downtrend channel but is currently at its SUPPORT….Our analysis is that the pair will hit the support and will go to the RESISTANCE TREND LINE.