The South African Rand is appreciating against the Japanese Yen simultaneously in two ascending channel patterns. Although, the currency exchange rate has recently been declining. If the pair proceeds in accordance with the set technical outlook, it is soon about to rebound against the lower trend line of the junior pattern. Afterwards it would surge to confirm properly the upper trend line of the dominant channel, and only then a decline and the formation of a new junior descending pattern would begin. However, it is also quite possible that the rate will be declining without a full confirmation of the dominant trend line. In that case the pair will reach for the 23.60% Fibonacci retracement level at 8.38.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 8.92 | Monthly R2 | MACD (12; 26; 9) | Buy | Buy | Buy | ||
| R3 | 8.81 | Trend line | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 8.71/75 | Weekly R1; trend line | Stochastic (5; 3; 3) | Sell | Sell | Buy | ||
| R1 | 8.64 | Monthly R1 | ADX (14) | Buy | Neutral | Neutral | ||
| S1 | 8.55/52 | Trend line; 55-period SMA | CCI (14) | Neutral | Sell | Neutral | ||
| S2 | 8.46/37 | Rest SMAs; weekly PP; 23.60% Fibo | AROON (14) | Buy | Buy | Buy | ||
| S3 | 8.27 | Monthly PP | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 8.17/14 | Trend line; weekly S1 | SAR (0.02; 0.2) | Sell | Buy | Buy | ||
| Aggregate | ↗ | ↗ | ↑ |