ZAR/JPY may rise 769 - 1058 pips

8.5259 is our pivot point.

Our preference

As long as 8.5259 is support look for 8.6708.

Alternative scenario

Below 8.5259, expect 8.4774 and 8.4485.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 8.5584 and 8.5459).

Supports and resistances

8.7287 **

8.6997 *

8.6708 **

8.6419

8.5650 last

8.5449

8.5259 **

8.4774 *

8.4485 **

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