NZD/JPY 4 Hour Price Update
Updated April 01, 2020 12:52 AM GMT (08:52 PM EST)
The choppiness in the recent four-hour candle price action of NZD/JPY continues; to start the current 4 hour candle, it came in at a price of 63.929, down 17 pips (0.27%) since the last 4 hour candle. Out of the 40 instruments in the Forex asset class, NZD/JPY ended up ranking 37th for the four-hour candle in terms of price change.
NZD/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZD/JPY is down 15 pips (0.24%) since the previous day (opening today near 63.9350928), marking the 3rd day in a row a decrease has occurred. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 38th in terms of percentage change since the previous day. 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 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 41.7 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 14 days.
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 4 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price formed a bullish ascending triangle pattern making higher lows but same highs. We have to wait that price breaks through resistance and make a retest of that broken triangle pattern before heading up to the 67.00 area.