NZD/JPY Up 2 Pips On 4 Hour Chart, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 30 Days

NZD/JPY 4 Hour Price Update

Updated August 06, 2020 09:08 AM GMT (05:08 AM EST)

NZD/JPY, which opened the current 4 hour candle priced near 70.054, is up 2 pips 0.03% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 5 four-hour candle negative run. Relative to other instruments in the Forex asset class, NZD/JPY ranked 21st 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 3 pips (0.04%) since the previous day (opening today near 70.21680172), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, NZD/JPY ranked 20th the previous day in terms of percentage price change. Let’s take a look at price chart of NZD/JPY.

NZD/JPY

NZD/JPY Technical Analysis

The first thing we should note is that 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 11.3 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 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days NZD/JPY’s price has gone up 17 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 13 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 13, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of channel, relative strength index and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

entry above 70.340 to test the top of channel