ZAR/JPY may fall 732 - 1077 pips

Our pivot point stands at 7.9688.

Our preference

The downside prevails as long as 7.9688 is resistance.

Alternative scenario

The upside breakout of 7.9688, would call for 8.0270 and 8.0617.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.9352 and 7.9421). Finally, the ZAR/JPY has penetrated its lower Bollinger band (7.9074).

Supports and resistances

8.0617 **

8.0270 *

7.9688 **

7.9459

7.9030 last

7.8298

7.7953 **

7.7607 *

7.7261 **

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