ZAR/JPY may fall 742 - 1058 pips

Our pivot point stands at 8.7828.

Our preference

The downside prevails as long as 8.7828 is resistance.

Alternative scenario

Above 8.7828, look for 8.8360 and 8.8677.

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 stands below its 20 and 50 period moving average (respectively at 8.7938 and 8.8057).

Supports and resistances

8.8677 **

8.8360 *

8.7828 **

8.7619

8.7300 last

8.6558

8.6242 **

8.5927 *

8.5611 **

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