ZAR/JPY may rise 786 - 1144 pips

8.7999 is our pivot point.

Our preference

The upside prevails as long as 8.7999 is support.

Alternative scenario

Below 8.7999, expect 8.7399 and 8.7042.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 8.8282 and 8.8235). Finally, the ZAR/JPY has crossed above its upper Bollinger band (8.8609).

Supports and resistances

9.0490 **

9.0132 *

8.9774 **

8.9416

8.8630 last

8.8234

8.7999 **

8.7399 *

8.7042 **

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