ZAR/JPY may fall 703 - 1004 pips

8.6049 is our pivot point.

Our preference

Target 8.4536.

Alternative scenario

The upside breakout of 8.6049, would call for 8.6556 and 8.6858.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (8.5632) but above its 50 period moving average (8.5413).

Supports and resistances

8.6858 **

8.6556 *

8.6049 **

8.5849

8.5540 last

8.4837

8.4536 **

8.4235 *

8.3933 **

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