ZAR/JPY may fall 761 - 1126 pips

8.7833 is our pivot point.

Our preference

The downside prevails as long as 8.7833 is resistance.

Alternative scenario

The upside breakout of 8.7833, would call for 8.8448 and 8.8813.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 8.7601 and 8.7789).

Supports and resistances

8.8813 **

8.8448 *

8.7833 **

8.7591

8.7240 last

8.6479

8.6114 **

8.5749 *

8.5384 **

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