NZD/JPY Price Recap
NZD/JPY is up 86 pips (1.23%) since yesterday (with its current price near 71.145), marking the 2nd day in a row an increase has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 6.23% from the day prior, but down 29.77% from the same day the week before. On a relative basis, yesterday was pretty good: NZD/JPY bested all 40 of the assets in the Forex class 🙂 Let’s take a look at price chart of NZD/JPY.
NZD/JPY Technical Analysis
Notably, NZD/JPY crossed above its 100 and 200 day moving averages yesterday. 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 24.1 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days NZD/JPY’s price has gone up 5 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDJPY, with 16 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1.07, which is neutral. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
-Please consider to initiate a position on a confirmed breakout of 61.8% Fib levelThank you for reading this idea!…Remember this analysis is not 100% accurate….No single analysis is.