(Last Updated October 6, 2020 15:18 GMT)
At the time of this writing, NZDJPY’s rate is down -560 pips (-0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
NZDJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZDJPY entered today at 70.232, up 38 pips (0.54%) from yesterday. Compared to its peers in the Forex, NZDJPY gave its buyers a return that ranked 9th in terms of percentage change since yesterday. Let’s take a look at price chart of NZDJPY.
NZDJPY Technical Analysis
First things first: NZDJPY crossed above its 20 and 50 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 50 day average, which is 7.9 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 30 days NZDJPY’s price has gone up 18 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDJPY, with 10 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.56, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
JPY had closure of both Long and Short reducing net positions, this made JXY weak for the said week….Whereas JXY slightly recovered its position last week….4H > Price is currently making HH and HL and is now testing daily resistance.