ZAR/JPY 4H Chart: Rising Wedge

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 an ascending wedge pattern. The pair is set to move northwards in accordance with this pattern until it reaches levels near the 8.70 mark. Near that level it is set to meet with the medium term ascending channel pattern's upper trend line and bounce off of it. Afterwards the Rand will depreciate for some time against the Yen. However, that fall will not be longer than a few weeks, as the rate will still continue its movements in accordance with the medium term pattern and eventually surge. In the meantime, the hypothesis of an upcoming decline of the pair is supported by the SWFX markets sentiment, as 72% of open positions are already long, which indicates at the pair being already overbought.
© Dukascopy Bank SA
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