NZD/JPY Down 7 Pips Over Past 4 Hours, Came Into Today Down For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

NZD/JPY 4 Hour Price Update

Updated August 11, 2020 01:07 PM GMT (09:07 AM EST)

NZD/JPY is down 7 pips (0.1%) since the last 4 hour candle (opening the current 4 hour candle near 70.047), marking the 2nd candle in a row a decrease has occurred. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 24th 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 4 pips (0.06%) since the previous day (opening today near 69.83), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, NZD/JPY ranked 45th the previous day in terms of percentage price change. Let’s take a look at price chart of NZD/JPY.

NZD/JPY

NZD/JPY Technical Analysis

The first thing we should note is that NZD/JPY is now close to its 20, 50 and 200 day averages, located at 70.2931, 69.9255 and 68.7896 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 50 day average, which is 9.6 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 up. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 9 out of the past 14 days. Also, candlestick traders! Note we see doji pattern appearing here as well.

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 23 sell signals. This imputes a buy/sell ratio of 0.13, 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.

Retest of the trendline back up to 61.8, Multiple candle rejections. Already set stop-loss at breakeven.