ZAR/JPY Outperforms All Forex, Up 28 Pips; Bullish Engulfing Pattern in Play

ZAR/JPY Price Recap

A moment of silence, please, for the end of ZAR/JPY’s 3 day down streak; price ended yesterday up 28 pips (4.41%) to finish the day at a rate of 6.6238. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 35.55% from the day prior, and up 55.95% from the same day the week before. ZAR/JPY outperformed all 40 assets in the Forex asset class yesterday. Congrats to its holders! The price chart of ZAR/JPY below illustrates.

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 48.1 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days ZAR/JPY’s price has gone down 7 them. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 30, 14 and 90 day