NZD/JPY formed an inside bar candlestick
pattern at the mid band of the bollinger band
and there's another bullish pin bar candlestick
pattern after the breakout of the inside bar candlestick
pattern which shows more buyers are coming in. Note that the stochastic
indicator was showing oversold at the time the price formed the inside bar candlestick
pattern which adds odds to the buyers here. The recent trend is bullish
as the short term moving averages (10 and 20 period) stay above the long term moving averages (50,100 and 200 period) and the Tenken-sen is well above the Kijun-sen. With all the indicators suggesting the price will move higher, we could potentially have long trades in today London session.