NZD/JPY Down 3 Pips On 4 Hour Chart, Moves Up For the 3rd Day In A Row; is Inching Close to 20 Day Average

NZD/JPY 4 Hour Price Update

Updated June 23, 2020 01:11 PM GMT (09:11 AM EST)

The back and forth price flow continues for NZD/JPY, which started the current 4 hour candle off at 69.53, down 3 pips 0.04% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, NZD/JPY ended up ranking 25th 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 16 pips (0.23%) since yesterday (opening today near 69.41739004), marking the 3rd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, NZD/JPY ended up ranking 7th for the day in terms of price change. The price chart of NZD/JPY below illustrates.

NZD/JPY Technical Analysis

Coming into today the current price of NZD/JPY is sitting close to its 20 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 20 day average, which is 11.1 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 17 out of the past 30 days. 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 16 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.45, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

1. Trend Continuation Trade2.Bullish Flag3. TP 1 = @ 70.30 TP 2 = @ 71.25Please don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)Thank you and Good Luck!