ZAR/JPY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The South African Rand is trading simultaneously in three channel patterns against the Japanese Yen. In addition, the two medium sized patterns are forming a smaller triangle. To tell apart the medium sized channels they have to be explained. One is the old one, which was the rates ascent to the large scale channel's resistance, and the second one is the new one, which is a descending channel, formed as a result of the bounce off from the resistance. If one looks at the picture it can be seen that together they form a triangle patter. The rate is most likely to break out to the upside. The reason for that is that it is oversold, as 74% of open positions are long.
© Dukascopy Bank SA
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