| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Buy | Buy | Sell |
| RSI (14) | Neutral | Neutral | Neutral |
| Stochastic (5; 3) | Neutral | Neutral | Neutral |
| Alligator (13; 8; 5) | Buy | Buy | Sell |
| SAR (0.02; 0.2) | Sell | Sell | Buy |
| Aggregate | ⇒ | ⇒ | ⇒ |
The South African Rand began appreciating against the Japanese Yen mid-July when it reversed from the senior channel circa 7.88. The rate peaked at 8.55 a few weeks prior to heading back lower.
The Rand is currently testing the 55-period (4H) and 100-hour SMAs near 8.40. If this support cluster remains intact during the following hours, it is expected that the pair continues appreciating towards the upper boundary of the senior channel circa 8.65.The nearest resistance is the 50.00% Fibonacci retracement at 8.55.
A bearish breakout from 8.40 is likely to send the rate down to the 200-period SMA and the monthly PP at 8.25. This area is expected to cause a reversal to the upside and a subsequent surge. The upward-sloping tendency of technical indicators suggest that the bullish scenario is the more likely option.