ZAR/JPY Price Recap
The back and forth price flow continues for ZAR/JPY, which starts today off at 7.343 US dollars, down 7 pips 0.9% from the previous day. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 28.05% from the day prior, and up 4.94% from the same day the week before. Relative to other instruments in the Forex asset class, ZAR/JPY ranked 39th yesterday in terms of percentage price change. Below is a price chart of ZAR/JPY.
ZAR/JPY Technical Analysis
First things first: ZAR/JPY crossed below its 200 day moving average yesterday. 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 closest is the 200 day average, which is 6.2 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 6 out of the past 10 days.