NZD/JPY Up 1 Pips in Last 4 Hours, Entered Today Up For the 5th Day In A Row; Pin Bar Pattern Appearing on Chart

NZD/JPY 4 Hour Price Update

Updated July 22, 2020 09:17 AM GMT (05:17 AM EST)

NZD/JPY entered the current 4 hour candle at 70.991, up 1 pips (0.02%) from the last 4 hour candle. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 16th 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 up 5 pips (0.07%) since the previous day (opening today near 70.97811248), marking the 5th day in a row it has gone up. Out of the 40 instruments in the Forex asset class, NZD/JPY ended up ranking 14th for the day in terms of price change. Let’s take a look at price chart of NZD/JPY.

NZD/JPY Technical Analysis

Coming into today NZD/JPY is now close to its 20 and 50 day averages, located at 70.2373 and 69.462 respectively, and thus may be at a key juncture along those timeframes. 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 74.1 pips away. 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 14 days. 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

Of note is that traders in aggregate have opinions on NZDJPY, with 8 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The pair has been consolidating for about 15 days and looks ready for a move higher….The top of the channel was broken and price looks ready to test the next fib level as shown in my chart….Last but not least, price is also above all it’s EMAs. I am taking advantage of NZD strength and JPY weakness on lower and higher timeframes and I am buying the pair at these levels.