ZAR/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
ZAR/JPY continued its way into areas unconquered since 2015 and managed to show solid bullish potential by confirming an upward sloping channel on the hourly chart. The ultimate target could now lie at 9.203, the resistance of September and October 2015 where supply could take over and lead to a slide. The pair is currently squeezed in between a set of areas and has had some trouble distancing itself from the bottom boundary of the pattern, but a rise above 8.90 should be enough for a surge to extend. In case this successfully happens, the rate should target the upper trend-line of the channel.
© Dukascopy Bank SA
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