ZAR/JPY may rise 688 - 987 pips

Our pivot point is at 8.6626.

Our preference

The upside prevails as long as 8.6626 is support.

Alternative scenario

The downside breakout of 8.6626 would call for 8.6124 and 8.5825.

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 8.6468 and 8.6362).

Supports and resistances

8.8605 **

8.8306 *

8.8007 **

8.7708

8.7020 last

8.6823

8.6626 **

8.6124 *

8.5825 **

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