ZAR/JPY 1H Chart: Bulls likely to prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Neutral Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

The South African Rand has been appreciating against the Japanese Yen since the beginning of January when the exchange rate reversed from the lower boundary of the medium-term ascending channel at 7.40.  

From a theoretical point of view, the general direction is expected to remain north as the pair should target the upper channel line located in the 8.60/8.80 range. Important resistance level to look out for is the Fibonacci 61.80% retracement at 8.47. 

However, this advance might not be immediate as the rate should surpass the Fibonacci 50.00% retracement at 8.22.

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