ZAR/JPY may rise 873 - 1204 pips

Our pivot point stands at 8.3904.

Our preference

The upside prevails as long as 8.3904 is support.

Alternative scenario

The downside breakout of 8.3904 would call for 8.3348 and 8.3018.

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 8.3891 and 8.3522).

Supports and resistances

8.6227 **

8.5896 *

8.5564 **

8.5233

8.4360 last

8.4122

8.3904 **

8.3348 *

8.3018 **

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