ZAR/JPY may fall 660 - 960 pips

Our pivot point is at 8.8178.

Our preference

The downside prevails as long as 8.8178 is resistance.

Alternative scenario

Above 8.8178, look for 8.8684 and 8.8985.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 8.7856 and 8.7767). Finally, the ZAR/JPY is trading below its lower Bollinger band (standing at 8.7522).

Supports and resistances

8.8985 **

8.8684 *

8.8178 **

8.7979

8.7400 last

8.6740

8.6440 **

8.6141 *

8.5841 **

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