ZAR/JPY may rise to 8.6798 - 8.9272

Our pivot point is at 7.7711.

Our preference

Rebound towards 8.9272.

Alternative scenario

The downside breakout of 7.7711 would call for 7.3600 and 7.1154.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20 period moving average (8.0722) but below its 50 period moving average (8.4285).

Supports and resistances

9.4220 **

9.1746 *

8.9272 **

8.6798

8.1420 last

7.9325

7.7711 **

7.3600 *

7.1154 **

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