NZD/JPY Up 1 Pips On 4 Hour Chart, Moves Up For the 5th Day In A Row; Pin Bar Pattern Appearing on Chart

NZD/JPY 4 Hour Price Update

Updated May 21, 2020 12:44 AM GMT (08:44 PM EST)

NZD/JPY is up 1 pips (0.01%) since the last 4 hour candle (opening the current 4 hour candle near 66.095), marking the 2nd candle in a row it has gone up. Relative to other instruments in the Forex asset class, NZD/JPY ranked 20th the last 4 hour candle in terms of percentage price change.

NZD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/JPY is up 7 pips (0.1%) since the day prior (opening today near 66.0974622), marking the 5th day in a row it has gone up. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 6th in terms of percentage change since the day prior. Below is a price chart of NZD/JPY.

NZD/JPY Technical Analysis

Coming into today NZD/JPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 40.3 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 down. Or to simplify this another way, note that out of the past 30 days NZD/JPY’s price has gone up 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDJPY, with 2 buy signals on our radar and 23 sell signals. This imputes a buy/sell ratio of 0.09, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel, divergence and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

New to trading so not 100% sure but would this be considered a bearish divergence?