This is the 2nd straight hour nzdjpy has seen its price head up.
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
For additional context, note that price has gone up 9 out of the past 14 days.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
This is a reversal of the price action on the previous hour, in which price moved down.
Price action traders may also wish to note that we see a doji candlestick pattern on nzdjpy.
This move is a reversal from the hour prior, which saw price move down.
From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes.
This imputes a buy/sell ratio of 7, which is very bullish.