NZD/JPY 4 Hour Price Update
Updated July 27, 2020 09:10 PM GMT (05:10 PM EST)
NZD/JPY entered the current 4 hour candle at 70.377, up 5 pips (0.07%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, NZD/JPY ended up ranking 12th for the four-hour candle in terms of 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 70.49220275, up 2 pips 0.03% from yesterday. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 21st in terms of percentage change since yesterday. Below is a price chart of NZD/JPY.
NZD/JPY Technical Analysis
The first thing we should note is that the current price of NZD/JPY is sitting close to its 20 and 50 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 20 day average, which is 10.3 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 18 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on NZDJPY, with 11 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.65, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
– RSI divergence- Support zone reached and pump up- Tenkan Sen cross Kijun Sen