ZAR/JPY Price Recap
7.327 (USD) was the opening price of the day for ZAR/JPY, resulting in yesterday being a day in which price moved up 5 pips 0.76% from the day prior. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 12.65% from the day before — and down 34.06% from the same day the week before. On a relative basis, yesterday was pretty good: ZAR/JPY bested all 40 of the assets in the Forex class 🙂 In other words:
Okay, okay, you know we have trouble resisting the memes around here 🙂 Getting back to business, here is a price chart of ZAR/JPY.
ZAR/JPY Technical Analysis
The first thing we should note is that ZAR/JPY is now close to its 20, 100 and 200 day averages, located at 7.4809, 7.4113 and 7.4096 respectively, and thus may be at a key juncture along those timeframes. 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 8.3 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Volatility for ZAR/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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 30 days ZAR/JPY’s price has gone down 17 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for ZARJPY; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 As for the rationale, technical traders seem to be citing the appearance of a gartley technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Both of that pattern breakout line are same. Price was breakout those lines and right now i think price is impulsing.https://www.tradingview.com/x/YFg5EiAh/Those resistance and support levels are important. İf support works than price may go up.