ZAR/JPY may rise 713 - 1014 pips

Our pivot point is at 8.5013.

Our preference

As long as 8.5013 is support look for 8.6484.

Alternative scenario

Below 8.5013, expect 8.4508 and 8.4207.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 8.5427 and 8.5143).

Supports and resistances

8.7086 **

8.6785 *

8.6484 **

8.6183

8.5470 last

8.5212

8.5013 **

8.4508 *

8.4207 **

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