ZAR/JPY may rise 733 - 1074 pips

Our pivot point stands at 8.5291.

Our preference

Look for a drop towards 8.5291 before a bounce.

Alternative scenario

The downside breakout of 8.5291 would call for 8.4719 and 8.4378.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is below its 20 period moving average (8.5982) but above its 50 period moving average (8.5935).

Supports and resistances

8.7707 **

8.7366 *

8.7024 **

8.6683

8.5950 last

8.5515

8.5291 **

8.4719 *

8.4378 **

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