ZAR/JPY may rise 727 - 1030 pips

8.5401 is our pivot point.

Our preference

The upside prevails as long as 8.5401 is support.

Alternative scenario

Below 8.5401, expect 8.4892 and 8.4590.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 8.5676 and 8.5849).

Supports and resistances

8.7547 **

8.7244 *

8.6940 **

8.6637

8.5910 last

8.5600

8.5401 **

8.4892 *

8.4590 **

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