NZD/JPY 4 Hour Price Update
Updated June 22, 2020 01:07 PM GMT (09:07 AM EST)
NZD/JPY is up 14 pips (0.2%) since the last 4 hour candle (opening the current 4 hour candle near 69.085), marking the 3rd candle in a row it has gone up. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 7th in terms of percentage change since the last 4 hour candle.
NZD/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of NZD/JPY’s 4 day down streak; price ended the previous day up 3 pips (0.04%) to finish the day at a rate of 68.48913199. Out of the 40 instruments in the Forex asset class, NZD/JPY ended up ranking 13th for the day in terms of price change. The price chart of NZD/JPY below illustrates.
NZD/JPY Technical Analysis
Notably, the current price of NZD/JPY is sitting close to its 20 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 30 and 90 day timeframes, where price is headed up. Or to simplify this another way, note that out of the past 30 days NZD/JPY’s price has gone up 17 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDJPY, with 5 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.83, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price Broke out from a falling wedge like channel Wait for correction to go long.