NZD/JPY Down 9 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

NZD/JPY 4 Hour Price Update

Updated June 26, 2020 01:10 PM GMT (09:10 AM EST)

NZD/JPY is down 9 pips (0.13%) since the previous 4 hours (opening the current 4 hour candle near 68.815), marking the 2nd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, NZD/JPY ended up ranking 28th for the four-hour candle in terms of price change.

NZD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/JPY is up 2 pips (0.03%) since the day prior (opening today near 68.9403176), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 21st in terms of percentage change since the day prior. Here is a price chart of NZD/JPY.

NZD/JPY Technical Analysis

Coming into today NZD/JPY is now close to its 20 and 200 day averages, located at 69.4978 and 68.5457 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 39.5 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 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 3 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.6, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and flag technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The short term trend for NzdJpy is bearish and the pair is trading now in a flag formation.I favor short trades with a first target at 68 followed by 67