ZAR/JPY may rise 832 - 1164 pips

Our pivot point is at 8.4104.

Our preference

Our next up target stands at 8.5724.

Alternative scenario

Below 8.4104, expect 8.3549 and 8.3218.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 8.4429 and 8.4533).

Supports and resistances

8.6386 **

8.6055 *

8.5724 **

8.5392

8.4560 last

8.4322

8.4104 **

8.3549 *

8.3218 **

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