ZAR/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
First of all it has to be stated that the pair is simultaneously in two ascending channels. One of them represents the rates surge from the larger channel's resistance line. Moreover, the Fibonacci retracements which connect this year's high and low levels seem to slightly hinder the rates movements. Although they should be taken into account by a trader, they have not had the necessary strength to change the currency exchange rate's direction in one or either direction. Due to that it can be assumed that the recent bounce off of the 23.60% Fibonacci retracement is only temporary, and the currency pair is set to continue its surge until around the middle of November.
© Dukascopy Bank SA
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