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ZAR/JPY 1H Chart: Pressured by 55-, 100– and 200-hour SMAs

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellBuySell
RSI(14)BuyNeutralNeutral
Stochastic(5;3;3)BuyBuySell
Alligator(13;8;5)SellBuyNeutral
SAR(0.02;0.2)SellSellBuy
Aggregate⇒⇗⇒

[ANNOUNCE] The South African Rand has been appreciating against the Japanese Yen since the end of March when the currency pair reversed north from the trend line at 7.52. [/ANNOUNCE] 

As apparent on the chart, the pair could not surpass the psychological level at 8.05. Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 7.93/7.97 range, it is likely, that bears could prevail in the market. A possible downside target is the Fibonacci 23.60% at 7.67.  

If the given resistance does not hold, it is expected, that the rate continues to trade upwards and reaches the monthly R2 at 8.17.

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