ZAR/JPY Price Recap
ZAR/JPY is up 8 pips (1.11%) since yesterday (with its current price near 7.408), marking the 2nd day in a row it has gone up. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 18.25% from the day before — and down 45.78% 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 🙂 Or, to put it another way…
More importantly, let’s take a look at price chart of ZAR/JPY.
ZAR/JPY Technical Analysis
Notably, the current price of ZAR/JPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 0 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. Or to simplify this another way, note that out of the past 30 days ZAR/JPY’s price has gone down 16 them.