ZAR/JPY Outperforms All Forex, Up 10 Pips; Bullish Engulfing Pattern in Play

ZAR/JPY Price Recap

ZAR/JPY enters today at 7.0442 in US dollars, up 10 pips (1.46%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 23.85% from the day prior, but up 61.65% from the same day the week before. ZAR/JPY outperformed all 40 assets in the Forex asset class yesterday. Congrats to its holders! Let’s take a look at price chart of ZAR/JPY.

ZAR/JPY Technical Analysis

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 20 day average, which is 20.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days ZAR/JPY’s price has gone down 19 them. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 14, 30 and 90 day