ZAR/JPY may rise to 9.2659 - 9.4874

Our pivot point is at 8.4823.

Our preference

The upside prevails as long as 8.4823 is support.

Alternative scenario

The downside breakout of 8.4823 would call for 8.1124 and 7.8922.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 8.5163 and 8.4163).

Supports and resistances

9.9303 **

9.7088 *

9.4874 **

9.2659

8.7890 last

8.6277

8.4823 **

8.1124 *

7.8922 **

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