| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Buy | Buy |
| RSI (14) | Neutral | Neutral | Neutral |
| Stochastic (5; 3) | Sell | Sell | Sell |
| Alligator (13; 8; 5) | Neutral | Neutral | Buy |
| SAR (0.02; 0.2) | Buy | Sell | Buy |
| Aggregate | ⇒ | ⇒ | ⇗ |
During the past seven weeks, the South African Rand has traded sideways against the Japanese Yen in the 8.90/9.28 range. The pair re-tested the 2016-2017 high of 9.28 on February 1 and subsequently edged lower in a two-week channel down.
This medium-term period of consolidation might indicate that the pair is ready to breach the prevailing long-term wedge. This bearish scenario is likewise supported by the fact that the Rand failed to surpass the combined resistance of the 55– and 100-hour SMAs and the weekly PP circa 9.07 earlier in the day.
In case this situation is to occur, the nearest support is set by the lower range line at 8.90. However, a breakout of such a long-term pattern should push the pair considerably lower, possibly down to the weekly S3 and the 50.0% Fibo near 8.60.
In case of a surge, the rate is unlikely to surpass the aforementioned high at 9.28.