JPYNZD rises to highest close since August 25th


Japanese Yen/New Zealand Dollar (JPYNZD) Technical Analysis Report for Sep 21, 2020 | by Techniquant Editorial Team

Highlights

JPYNZD breaks back above 50-day moving average
JPYNZD rises to highest close since August 25th
JPYNZD dominated by bulls lifting the market higher throughout the day
JPYNZD closes higher for the 2nd day in a row
JPYNZD pushes through Friday's high

Overview

Moving higher for the 2nd day in a row, JPYNZD finished Monday at 0.014333 surging 187 pips (1.32%). Today's close at 0.014333 marks the highest recorded closing price since August 25th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.014182, the currency confirmed its breakout through the previous session high after trading up to 194 pips above it intraday.

Daily Candlestick Chart (JPYNZD as at Sep 21, 2020):

Daily technical analysis candlestick chart for Japanese Yen/New Zealand Dollar (JPYNZD) as at Sep 21, 2020

Monday's trading range has been 256 pips (1.81%), that's far above the last trading month's daily average range of 146 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JPYNZD.

Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on May 15th, JPYNZD lost -1.99% on the following trading day.

The pair managed to close back above the 50-day moving average at 0.014210 for the first time since September 8th.

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Further buying might move prices higher should the market test August's nearby high at 0.014543.

Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Its common bearish interpretation has been confirmed for JPY/NZD. Out of 62 times, JPYNZD closed lower 58.06% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 56.45% with an average market move of -0.31%.


Market Conditions for JPYNZD as at Sep 21, 2020

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