NZD/JPY Down 5 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Doji and Pin Bar Patterns Appearing on Chart

NZD/JPY 4 Hour Price Update

Updated July 02, 2020 01:14 AM GMT (09:14 PM EST)

NZD/JPY entered the current 4 hour candle at 69.55, down 5 pips (0.07%) from the last 4 hour candle. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 27th 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 69.64318272, up 5 pips (0.07%) from the previous day. Out of the 40 instruments in the Forex asset class, NZD/JPY ended up ranking 8th for the day in terms of price change. Here is a price chart of NZD/JPY.

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 20 day average, which is 53.1 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. 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days NZD/JPY’s price has gone up 7 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 3 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.43, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Double bottom formed on NZDJPY, will touch the next Fibonacci level. Also have the possibilities to reach the previous high.