NZD/JPY 4 Hour Price Update
Updated August 03, 2020 05:10 AM GMT (01:10 AM EST)
The back and forth price flow continues for NZD/JPY, which started the current 4 hour candle off at 70.163, down 6 pips 0.09% from the previous 4 hours. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 31st in terms of percentage change since the previous 4 hours.
NZD/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZD/JPY is up 2 pips (0.02%) since the previous day (opening today near 70.17602586), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, NZD/JPY ranked 17th the previous day in terms of percentage price change. The price chart of NZD/JPY below illustrates.
NZD/JPY Technical Analysis
Coming into today NZD/JPY is now close to its 20, 50 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 16.4 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days NZD/JPY’s price has gone up 18 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!
The View From Around the Web
Of note is that traders in aggregate have opinions on NZDJPY, with 7 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.7, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Renko Trading Looking to SHORT for next week (2/8-7/8)Trendline @ monhly ChartDouble Top spotted