ZAR/JPY may rise 701 - 1006 pips

Our pivot point is at 8.5938.

Our preference

As long as 8.5938 is support look for 8.7476.

Alternative scenario

Below 8.5938, expect 8.5427 and 8.5122.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 8.6459 and 8.6124).

Supports and resistances

8.8086 **

8.7781 *

8.7476 **

8.7171

8.6470 last

8.6139

8.5938 **

8.5427 *

8.5122 **

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