ZAR/JPY may fall 792 - 1109 pips

8.7918 is our pivot point.

Our preference

The downside prevails as long as 8.7918 is resistance.

Alternative scenario

The upside breakout of 8.7918, would call for 8.8451 and 8.8768.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 8.7458 and 8.7527).

Supports and resistances

8.8768 **

8.8451 *

8.7918 **

8.7709

8.7450 last

8.6658

8.6341 **

8.6025 *

8.5709 **

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