ZAR/JPY may rise 861 - 1206 pips

Our pivot point stands at 8.1235.

Our preference

The upside prevails as long as 8.1235 is support.

Alternative scenario

The downside breakout of 8.1235 would call for 8.0656 and 8.0312.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 8.1468 and 8.0997).

Supports and resistances

8.3587 **

8.3241 *

8.2896 **

8.2551

8.1690 last

8.1463

8.1235 **

8.0656 *

8.0312 **

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