Trade Pattern Ideas

ZAR/JPY 1H Chart: Bulls could prevail
Tue, 17 Sep 2019 11:15:39 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)NeutralBuySell
SAR(0.02;0.2)SellBuyBuy
Aggregate

The South African Rand has been appreciating against the Japanese Yen since the end of August when the ZAR/JPY currency pair reversed north from the psychological level at 6.85.  

Note that the exchange rate is supported by the 55-, 100– and 200-period moving averages (4H time-frame chart). Therefore, it is likely that some upside potential could prevail in the market. Important level to look out for is the Fibonacci 39.30% retracement at 7.78. 

However, note that the pair is pressured by the ascending trend line. If the given line holds, the expected advance might not be immediate. Also, it is unlikely that bears could prevail in the market, and the rate could drop lower than the given psychological level.


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