ZAR/JPY may rise 607 - 910 pips

Our pivot point stands at 8.7850.

Our preference

As long as 8.7850 is support look for 8.9260.

Alternative scenario

The downside breakout of 8.7850 would call for 8.7341 and 8.7038.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 8.8337 and 8.7979).

Supports and resistances

8.9867 **

8.9563 *

8.9260 **

8.8957

8.8350 last

8.8050

8.7850 **

8.7341 *

8.7038 **

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