ZAR/JPY may rise 705 - 1008 pips

8.5391 is our pivot point.

Our preference

The upside prevails as long as 8.5391 is support.

Alternative scenario

Below 8.5391, expect 8.4884 and 8.4582.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 8.5814 and 8.5763).

Supports and resistances

8.7494 **

8.7191 *

8.6888 **

8.6585

8.5880 last

8.5591

8.5391 **

8.4884 *

8.4582 **

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