ZAR/JPY may rise 805 - 1137 pips

Our pivot point is at 8.4422.

Our preference

Our next up target stands at 8.6037.

Alternative scenario

Below 8.4422, expect 8.3865 and 8.3533.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 8.4727 and 8.4894).

Supports and resistances

8.6702 **

8.6370 *

8.6037 **

8.5705

8.4900 last

8.4641

8.4422 **

8.3865 *

8.3533 **

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