(Last Updated August 11, 2020)
Welcome to the news page for ZARJPY (ZARJPY). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
A trend/countertrend situation exists on ZARJPY, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to buy for those interested in playing the longer term trend.
ZARJPY’s moving averages suggest the trend on a number of time horizons is bearish.
The chart below illustrates.
Regarding ZARJPY’s correlations over the past 7 days, it has demonstrated the strongest correlation with USDTRY:CUR. Over the past 14 days, however, the asset showing the strongest correlation to ZARJPY is USDZAR. On the flip side, CHFJPY has been the asset least correlated with ZARJPY — but over the past two weeks, the asset least correlated with ZARJPY has been CADCHF. The chart below illustrates ZARJPY against its least correlated assets.
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Currently, ZARJPY’s rate is down -0.0165 (-0.27%) from the week prior. It’s been a feast for bears operating on the weekly timeframe, as ZARJPY has now gone down 4 of the past 5 weeks. As for the trend on the weekly timeframe, we see the clearest trend on the 5 week timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on ZARJPY. Given that we see an uptrend on the 5 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 weekly candle timeframe, so the meaning of the candles may require further exploration. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows ZARJPY’s price action over the past year.
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.
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
The closest is the 200 day average, which is 0 pips away.
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.