NZD/JPY Down 3 Pips On 4 Hour Chart, 2 Day Down Streak Broken; Price Base in Formation Over Past 30 Days

NZD/JPY 4 Hour Price Update

Updated August 12, 2020 09:11 AM GMT (05:11 AM EST)

NZD/JPY is down 3 pips (0.04%) since the last 4 hour candle (opening the current 4 hour candle near 69.867), marking the 4th candle in a row a decline has happened. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 22nd in terms of percentage change since the last 4 hour candle.

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 70.032, up 20 pips (0.29%) since the previous day. Relative to other instruments in the Forex asset class, NZD/JPY ranked 10th the previous day in terms of percentage price change. Below is a price chart of NZD/JPY.

NZD/JPY

NZD/JPY Technical Analysis

Notably, NZD/JPY crossed above its 50 day moving average yesterday. 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 50 day average, which is 9 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDJPY, with 0 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Retest of the trendline back up to 61.8, Multiple candle rejections. Already set stop-loss at breakeven.