ZAR/JPY may fall to 7.7873 - 8.0175

Our pivot point is at 8.9145.

Our preference

The downside prevails as long as 8.9145 is resistance.

Alternative scenario

Above 8.9145, look for 9.3071 and 9.5408.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 8.7186 and 8.5984). Finally, the ZAR/JPY is trading below its lower Bollinger band (standing at 8.4822).

Supports and resistances

9.5408 **

9.3071 *

8.9145 **

8.7602

8.4800 last

8.0175

7.7873 **

7.5571 *

7.3268 **

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