| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Sell | Buy |
| RSI (14) | Neutral | Neutral | Neutral |
| Stochastic (5; 3) | Neutral | Neutral | Neutral |
| Alligator (13; 8; 5) | Sell | Sell | Neutral |
| SAR (0.02; 0.2) | Buy | Sell | Sell |
| Aggregate | ⇒ | ⇘ | ⇒ |
The South African Rand is trading in a four-month descending triangle against the Japanese Yen. The latest test of its upper boundary occurred mid-May when the pair reversed from the 23.60% Fibonacci retracement at 8.95. The rate has since formed a junior descending channel which is gradually sending the Rand towards the other senior channel line located near 8.40.
It seems that the Fibonacci retracement lines are working precisely for the given pair, as it reversed to the upside once again near the 50.00% line and has since been testing the 38.20% one.
Technical indicators are bearish for this session. In case the strong resistance set by the 55-, 100– and 200-period SMAs (4H) and the senior channel at 8.70 is not breached, the bearish sentiment should prevail and thus guide the pair towards the bottom line of the senior channel.