NZD/JPY Down 32 Pips On 4 Hour Chart, Eyes 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart

NZD/JPY 4 Hour Price Update

Updated July 31, 2020 05:11 AM GMT (01:11 AM EST)

After 4 up four-hour candles, NZD/JPY snaps its streak, falling 32 pips (-0.45%) over the past four-hour candle to close at an exchange rate of 69.782. Relative to other instruments in the Forex asset class, NZD/JPY ranked 36th the previous 4 hours in terms of percentage price change.

NZD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for NZD/JPY, which started today off at 70.09170688, down 6 pips 0.08% from the day prior. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 37th in terms of percentage change since the day prior. Let’s take a look at price chart of NZD/JPY.

NZD/JPY

NZD/JPY Technical Analysis

Coming into today the current price of NZD/JPY is sitting close to its 20, 50 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 18.4 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. Or to simplify this another way, note that out of the past 30 days NZD/JPY’s price has gone up 17 them. 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 6 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2, which is bullish. 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.

Welcome back for some more chart analysis practice….But that’s just how trading goes sometimes….Don’t trade a strategy just because someone tells you it’s a good strategy, always back-test the strategy in question over historical data before trading it with real money.