ZAR/JPY may rise 749 - 1083 pips

Our pivot point stands at 8.3930.

Our preference

As long as 8.3930 is support look for 8.5553.

Alternative scenario

The downside breakout of 8.3930 would call for 8.3369 and 8.3035.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 8.4404 and 8.4331).

Supports and resistances

8.6222 **

8.5887 *

8.5553 **

8.5219

8.4470 last

8.4150

8.3930 **

8.3369 *

8.3035 **

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