ZAR/JPY may rise 718 - 1006 pips

Our pivot point is at 8.5340.

Our preference

As long as 8.5340 is support look for 8.6776.

Alternative scenario

The downside breakout of 8.5340 would call for 8.4856 and 8.4567.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (8.5805) but above its 50 period moving average (8.5644).

Supports and resistances

8.7354 **

8.7065 *

8.6776 **

8.6488

8.5770 last

8.5530

8.5340 **

8.4856 *

8.4567 **

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