ZAR/JPY may rise 736 - 1024 pips

Our pivot point stands at 8.4821.

Our preference

As long as 8.4821 is support look for 8.6334.

Alternative scenario

The downside breakout of 8.4821 would call for 8.4338 and 8.4051.

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 8.5177 and 8.4874).

Supports and resistances

8.6910 **

8.6622 *

8.6334 **

8.6046

8.5310 last

8.5010

8.4821 **

8.4338 *

8.4051 **

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