ZAR/JPY may rise 753 - 1074 pips

Our pivot point stands at 8.2947.

Our preference

The upside prevails as long as 8.2947 is support.

Alternative scenario

Below 8.2947, expect 8.2408 and 8.2087.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 8.3100 and 8.2914).

Supports and resistances

8.5167 **

8.4845 *

8.4524 **

8.4203

8.3450 last

8.3158

8.2947 **

8.2408 *

8.2087 **

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