NZDJPY rises to highest close since June 8th
New Zealand Dollar/Japanese Yen (NZDJPY) Technical Analysis Report for Jul 06, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NZDJPY finished Monday at 70.39 gaining 15 pips (0.21%) on low volume. Today's close at 70.39 marks the highest recorded closing price since June 8th. Closing above Friday's high at 70.34, the pair confirmed its breakout through the prior session high after trading up to 33 pips above it intraday.
Daily Candlestick Chart (NZDJPY as at Jul 06, 2020):
Monday's trading range has been 57 pips (0.81%), that's below the last trading month's daily average range of 88 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for NZDJPY.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying could move prices higher should the market test June's close-by high at 71.67.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for NZD/JPY. Out of 631 times, NZDJPY closed higher 54.04% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.88% with an average market move of 0.17%.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are EURUSD gaining 0.54% and AUDUSD closing 0.48% higher. On the flipside the worst performers have been USDCHF closing -0.32% lower and USDJPY losing -0.1%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been EURHKD surging 0.55% and EURTRY closing 0.54% higher. The worst performers of the day have been USDHUF tanking -0.83% and USDNOK closing -0.82% lower. Read more