NZD/JPY Up 18 Pips On 4 Hour Chart, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

NZD/JPY 4 Hour Price Update

Updated July 24, 2020 09:07 PM GMT (05:07 PM EST)

After 4 down four-hour candles, NZD/JPY snaps its streak, rising 18 pips (0.26%) over the past four-hour candle to close at an exchange rate of 70.321. For context, observe that the previous 4 hours were noteworthy in the sense that NZD/JPY bested all 37 of the assets in the Forex class.

NZD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of NZD/JPY continues; to start today, it came in at a price of 70.8943788, down 0 pips (0%) since yesterday. Relative to other instruments in the Forex asset class, NZD/JPY ranked 23rd yesterday in terms of percentage price change. The price chart of NZD/JPY below illustrates.

NZD/JPY

NZD/JPY Technical Analysis

Coming into today NZD/JPY is now close to its 20 and 50 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 50.9 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. 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 30 days NZD/JPY’s price has gone up 18 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 8 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.47, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

if so, traders can set orders based on Price Action and expect to reach short-term targets….Be sure to leave a comment let us know how do you see this opportunity and forecast….Trade well, ❤️ForecastCity English Support Team ❤️