NZD/JPY Moves Down For the 2nd Day In A Row, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

NZD/JPY Price Recap

NZD/JPY is down 7 pips (0.11%) since yesterday (with its current price near 63.884), marking the 2nd day in a row a decline has happened. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 20.76% from the day prior, and up 0.39% from the same day the week before. Relative to other instruments in the Forex asset class, NZD/JPY ranked 22nd yesterday in terms of percentage price change. The price chart of NZD/JPY below illustrates.

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 356.2 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days NZD/JPY’s price has gone down 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDJPY; just 3 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a pennant technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Close has broken upper trend line of Pennant pattern