ZAR/JPY may fall 714 - 1067 pips

Our pivot point is at 8.7986.

Our preference

The downside prevails as long as 8.7986 is resistance.

Alternative scenario

Above 8.7986, look for 8.8580 and 8.8933.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 8.7686 and 8.8031). Finally, the ZAR/JPY is trading below its lower Bollinger band (standing at 8.7356).

Supports and resistances

8.8933 **

8.8580 *

8.7986 **

8.7753

8.7280 last

8.6566

8.6213 **

8.5861 *

8.5509 **

Number of asterisks represents the strength of support and resistance levels.