ZAR/JPY may rise to 9.4144 - 9.6726

8.4870 is our pivot point.

Our preference

The upside prevails as long as 8.4870 is support.

Alternative scenario

The downside breakout of 8.4870 would call for 8.0568 and 7.8007.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 8.7299 and 8.5379).

Supports and resistances

10.1890 **

9.9308 *

9.6726 **

9.4144

8.8880 last

8.6560

8.4870 **

8.0568 *

7.8007 **

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