ZAR/JPY may fall 702 - 1048 pips

7.9728 is our pivot point.

Our preference

The downside prevails as long as 7.9728 is resistance.

Alternative scenario

The upside breakout of 7.9728, would call for 8.0311 and 8.0658.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.9130 and 7.9156).

Supports and resistances

8.0658 **

8.0311 *

7.9728 **

7.9499

7.9070 last

7.8368

7.8022 **

7.7676 *

7.7330 **

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