ZAR/JPY may fall 818 - 1152 pips

Our pivot point stands at 8.4792.

Our preference

The downside prevails as long as 8.4792 is resistance.

Alternative scenario

The upside breakout of 8.4792, would call for 8.5355 and 8.5690.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 8.4715 and 8.4898).

Supports and resistances

8.5690 **

8.5355 *

8.4792 **

8.4571

8.4250 last

8.3432

8.3098 **

8.2764 *

8.2430 **

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