NZD/JPY Down 38 Pips On 4 Hour Chart; in a Downtrend Over Past 90 Days

NZD/JPY 4 Hour Price Update

Updated March 31, 2020 01:08 PM GMT (09:08 AM EST)

NZD/JPY is down 38 pips (0.58%) since the previous 4 hours (opening the current 4 hour candle near 64.547), marking the 2nd candle in a row it has gone down. Relative to other instruments in the Forex asset class, NZD/JPY ranked 35th the previous 4 hours in terms of percentage price change.

NZD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of NZD/JPY continues; to start today, it came in at a price of 64.8972252, up 12 pips (0.18%) since yesterday. Relative to other instruments in the Forex asset class, NZD/JPY ranked 10th yesterday in terms of percentage 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 day averages, located at 64.4386 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 45.9 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. For additional context, note that price has gone up 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 9 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price formed a bullish ascending triangle pattern making higher lows but same highs. We have to wait that price breaks through resistance and make a retest of that broken triangle pattern before heading up to the 67.00 area.