ZAR/JPY may fall 689 - 1019 pips

Our pivot point is at 8.4896.

Our preference

The downside prevails as long as 8.4896 is resistance.

Alternative scenario

The upside breakout of 8.4896, would call for 8.5450 and 8.5781.

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 8.4535 and 8.4669).

Supports and resistances

8.5781 **

8.5450 *

8.4896 **

8.4678

8.4350 last

8.3661

8.3331 **

8.3002 *

8.2672 **

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