ZAR/JPY 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
ZAR/JPY managed to break the bearish trend in 2016 and establish an upward-sloping trend-line on the daily chart, but has now lost amplitude for highs, suggesting that bears might once again take over the trend. The rate is currently making its way up towards the top bound of the wedge around 9.03, but will experience some hitches at 8.99 and 9.01. We will look for the pattern to eventually break to the downside, most likely after the current up-wave, and the stickiness of the bottom trend-line suggests the same.
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