(Last Updated October 23, 2020)
Hello! This is the news page for ZARJPY. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
For ZARJPY, we have to zoom out to the 90 day timeframe and beyond to see a clear trend; at that point, a very slight uptrend becomes apparent.
The moving averages on ZARJPY summarize its price action in an interesting way. Of the 20, 50, 100, and 200 day averages — three of them (all but the 200) — are bullish, implying a upward trend, aside from a drop about 6 months prior. Moreover, it should also be noted that the 100 SMA just turned bullish today.
Below is a chart showing ZARJPY’s price with its moving averages.
As for assets in the Forex asset class ZARJPY has been correlated to over the past week, it has been most correlated with USDZAR. ZARJPY has been most correlated with USDZAR over the past 14 days also, so this may be a structural correlation in the market. On the flip side, the asset least correlated with ZARJPY over the past week has been AUDUSD, but if we observe the prior two weeks, NZDCHF has been the asset least correlated with ZARJPY. The chart below illustrates ZARJPY against its least correlated assets.
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Currently, ZARJPY’s rate is up 0.0942 (1.48%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 5, 10 and 20 week timeframes. Of note is that the 20 week changed directions on ZARJPY; it is now pointing down. 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. ZARJPY’s weekly price action over the past 52 weeks can be seen via the chart below.
Monthly trend: strongest on the 60 month timeframe.
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.