ZAR/JPY may rise 830 - 1171 pips

Our pivot point stands at 8.4992.

Our preference

As long as 8.4992 is support look for 8.6681.

Alternative scenario

The downside breakout of 8.4992 would call for 8.4422 and 8.4083.

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 above its 20 and 50 period moving average (respectively at 8.5454 and 8.5424).

Supports and resistances

8.7361 **

8.7021 *

8.6681 **

8.6340

8.5510 last

8.5216

8.4992 **

8.4422 *

8.4083 **

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