Or to simplify this another way, note that out of the past 14 days nzd/jpy’s price has gone up 8 them.
This imputes a buy/sell ratio of 0.33, which is bearish.
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.
Or to simplify this another way, note that out of the past 10 days nzd/jpy’s price has gone up 5 them.
As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern.
Compared to its peers in the forex, nzd/jpy gave its buyers a return that ranked 6th in terms of percentage change since the day prior.
As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
The closest is the 50 day average, which is 111 pips away.