ZAR/JPY may fall 656 - 984 pips

Our pivot point is at 8.5183.

Our preference

The downside prevails as long as 8.5183 is resistance.

Alternative scenario

Above 8.5183, look for 8.5735 and 8.6063.

Comment

The RSI is below its neutrality area at 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 8.4746 and 8.4946).

Supports and resistances

8.6063 **

8.5735 *

8.5183 **

8.4967

8.4650 last

8.3994

8.3666 **

8.3338 *

8.3010 **

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