ZAR/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The situation on the chart of the South African Rand against the Japanese yen is hard to explain, as two channels have formed a triangle in the middle of another channel. However, the future movements of the currency exchange rate due to that reason are easy to forecast. The currency exchange rate recently rebounded against the combined support level of the two lower trend lines of the minor channels combined with the 200-period SMA. As a result a surge has begun, which is heading for the upper trend line of the short term descending channel. If the resistance of that trend line is broken, a breakout of the triangle might begin. On the other hand, in the case of a bounce off a retreat to the support of the medium term channel would begin.
© Dukascopy Bank SA
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