ZAR/JPY may rise 780 - 1110 pips

Our pivot point stands at 8.3595.

Our preference

Rebound towards 8.5160.

Alternative scenario

The downside breakout of 8.3595 would call for 8.3042 and 8.2713.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 8.4167 and 8.4425).

Supports and resistances

8.5820 **

8.5490 *

8.5160 **

8.4830

8.4050 last

8.3813

8.3595 **

8.3042 *

8.2713 **

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