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 17 out of the past 30 days.
Note – please do your own analysis before taking the trade.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
Relative to other instruments in the forex asset class, nzdjpy ranked 9th the day prior in terms of percentage price change.
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
Or to simplify this another way, note that out of the past 14 days nzdjpy’s price has gone up 9 them.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.
Price action traders may also wish to note that we see a doji candlestick pattern on nzdjpy.