ZAR/JPY may rise 889 - 1283 pips

Our pivot point stands at 8.0342.

Our preference

Our next up target stands at 8.2363.

Alternative scenario

Below 8.0342, expect 7.9682 and 7.9289.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is above its 20 and 50 period moving average (respectively at 8.0887 and 8.0973). Finally, the ZAR/JPY has crossed above its upper Bollinger band (8.1074).

Supports and resistances

8.3152 **

8.2757 *

8.2363 **

8.1969

8.1080 last

8.0601

8.0342 **

7.9682 *

7.9289 **

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