NZD/JPY 4 Hour Price Update

Updated August 08, 2020 02:25 AM GMT (10:25 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 69.868, down 6 Pips (0.09%) since the last 4 hour candle. Out of the 37 instruments in the Forex asset class, NZD/JPY ended up ranking 26th 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 up 39 pips (0.55%) since the day prior (opening today near 70.574), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, NZD/JPY gave its buyers a return that ranked 11th in terms of percentage change since the day prior. Below is a price chart of NZD/JPY.

NZD/JPY Technical Analysis

Notably, NZD/JPY crossed above its 20 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 20 day average, which is 24.7 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. 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 6 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.2, which is neutral. 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.

Falling Wedge (Continuation Pattern)….Daily Head & Shoulders….15 Min Falling wedge formation, possible buy if wedge is broken to the upside.

The post NZD/JPY Down 6 Pips in Last 4 Hours, Came Into Today Up For the 2nd Day In A Row; Breaks Above 20 Day Average appeared first on CFDTrading.