NZD/JPY Down 20 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

NZD/JPY 4 Hour Price Update

Updated June 24, 2020 01:13 PM GMT (09:13 AM EST)

NZD/JPY is down 20 pips (0.29%) since the last 4 hour candle (opening the current 4 hour candle near 68.455), marking the 6th candle in a row a decline has happened. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 36th in terms of percentage change since the last 4 hour candle.

NZD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/JPY entered today at 69.17137515, up 2 pips (0.04%) from the day prior. Relative to other instruments in the Forex asset class, NZD/JPY ranked 16th the day prior in terms of percentage price change. The price chart of NZD/JPY below illustrates.

NZD/JPY Technical Analysis

The first thing we should note is that NZD/JPY is now close to its 20 and 200 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 20 day average, which is 41.9 pips away. 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 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days NZD/JPY’s price has gone down 8 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

We’re seeing some traders come out with interesting conviction on NZDJPY, with 11 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.79, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We are near trend and might want to catch the ride. See High and Low… See channel is down… See down trend as well. Set alert in case. I want short, but wait for reaction.