ZAR/JPY may rise 758 - 1087 pips

8.4376 is our pivot point.

Our preference

As long as 8.4376 is support look for 8.5937.

Alternative scenario

The downside breakout of 8.4376 would call for 8.3824 and 8.3496.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 8.4770 and 8.4586).

Supports and resistances

8.6595 **

8.6266 *

8.5937 **

8.5608

8.4850 last

8.4593

8.4376 **

8.3824 *

8.3496 **

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