NZD/JPY Price Recap
NZD/JPY enters today at 65.505 in US dollars, down 69 pips (1.05%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 25.08% from the day prior, but up 69.27% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/JPY ended up ranking 33rd for the day in terms of day-over-day price change. Let’s take a look at 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 319.5 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 10 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDJPY, with 9 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1.29, which is bullish. As for the rationale, technical traders seem to be citing the appearance of flag, relative strength index and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Low Getting Lower and Bearish flag Formation