NZDJPY closes within previous day's range after lackluster session
New Zealand Dollar/Japanese Yen (NZDJPY) Technical Analysis Report for Jul 01, 2020 | by Techniquant Editorial Team
NZDJPY finished Wednesday at 69.61 edging lower 5 pips (-0.07%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (NZDJPY as at Jul 01, 2020):
Wednesday's trading range has been 54 pips (0.78%), that's far below the last trading month's daily average range of 95 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for NZDJPY.
After moving higher in the previous session, the FX pair closed lower but above the prior day's open today, forming a bearish Harami Candle. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Prices are trading close to the key technical resistance level at 69.83 (R1). After having been unable to move above 69.73 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 69.80. The last time this happened on June 26th, NZDJPY actually gained 0.29% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
With five out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.6% and NZDUSD closing 0.34% higher. On the flipside the worst performers have been USDJPY closing -0.44% lower and USDCHF losing -0.16%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been ZARJPY surging 1.29% and GBPPLN closing 1.08% higher. The worst performers of the day have been USDZAR tanking -1.69% and CHFZAR closing -1.53% lower. Read more