ZAR/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The South African Rand is surging against the Japanese Yen in a short term ascending channel pattern. This short term patter, like many rates in the recent weeks, has broken through the upper trend line of the previous, large scale patter. In the case of the ZAR/JPY pair the larger pattern is an rising wedge, the upper trend line of which now is providing support to the South African Rand's appreciation against the Japanese Yen. However, the rate is affected by the Fibonacci retracements, which connect the 2016 high and low levels. The currency exchange rate is set to approach the 38.20% Fibo level at 8.22, which is supported by other various levels of resistance. Due to that, it is most likely that the rate will bounce around until December 8.
© Dukascopy Bank SA
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