NZD/JPY Up 7 Pips Over Past 4 Hours, 3 Day Down Streak Broken; in a Downtrend Over Past 14 Days

NZD/JPY 4 Hour Price Update

Updated June 19, 2020 09:20 AM GMT (05:20 AM EST)

The back and forth price flow continues for NZD/JPY, which started the current 4 hour candle off at 68.701, up 7 pips 0.1% from the last 4 hour candle. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 3rd in terms of percentage change since the last 4 hour candle.

NZD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of NZD/JPY’s 3 day down streak; price ended the previous day up 8 pips (0.11%) to finish the day at a rate of 68.84790692. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 11th in terms of percentage change since the previous day. Below is a price chart of NZD/JPY.

NZD/JPY Technical Analysis

Notably, NZD/JPY is now close to its 20 and 200 day averages, located at 69.2165 and 68.5653 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 200 day average, which is 28.3 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 30 and 90 day timeframes, where price is headed up. Or to simplify this another way, note that out of the past 10 days NZD/JPY’s price has gone down 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDJPY, with 3 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.16, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

With New Zealand’s recent poor GDP data and the Yen as a safe haven asset to increase in demand, we can expect NZD weakness and Yen to strengthen….We could potentially looks for trades for a downside move towards the nearest key level as shown in the chart….Trade safe guys!