This is a reversal of the price action on the previous hour, in which price moved up.
Also created an alt.bat pattern in nzdjpy. – nzdjpy price may be slightly lower before up up to 86.88 level according to market structure.
Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
This imputes a buy/sell ratio of 0.5, which is bearish.
For additional context, note that price has gone up 15 out of the past 30 days.
The closest is the 50 day average, which is 128.6 pips away.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
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.
Relative to other instruments in the forex asset class, nzdjpy ranked 27th the previous day in terms of percentage price change.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.