| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Sell | Sell |
| RSI (14) | Neutral | Neutral | Neutral |
| Stochastic (5; 3) | Neutral | Buy | Neutral |
| Alligator (13; 8; 5) | Sell | Sell | Neutral |
| SAR (0.02; 0.2) | Sell | Sell | Buy |
| Aggregate | ⇘ | ⇘ | ⇒ |
The South African Rand has been appreciating gradually against the Japanese Yen since the beginning of September. This movement has been bounded in the rising wedge.
As apparent on the chart, the currency pair is testing the lower wedge line located circa 7.80. Given that the rate is being pressured by the 55-, 100– and 200-hour SMAs, it is likely that a breakout south occurs in the nearest future. Technical indicators for the short run also suggest bullish scenario. Important support level to look out for is the Fibonacci 23.60% retracement at 7.67.
If given pattern holds, a reversal north occurs within following sessions. Potential upside target is the monthly PP at 8.06.