ZAR/JPY may fall 711 - 1041 pips

8.5107 is our pivot point.

Our preference

The downside prevails as long as 8.5107 is resistance.

Alternative scenario

Above 8.5107, look for 8.5663 and 8.5994.

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 8.4723 and 8.4976).

Supports and resistances

8.5994 **

8.5663 *

8.5107 **

8.4888

8.4570 last

8.3859

8.3529 **

8.3199 *

8.2868 **

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