ZAR/JPY 1H Chart: Symmetrical triangle in sight

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellBuy
Aggregate

The ZAR/JPY currency pair continued to trade down within the symmetrical triangle pattern. As apparent on the chart, the pair has already reached the lower pattern line at 7.50.  

From a theoretical point of view, it is expected, that a reversal north could occur in the nearest future. The exchange rate should target the upper triangle boundary located in the 7.80/7.90 range. Note, that the rate has to surpass the monthly PP at 7.84. 

However, if the given pattern does not hold, it is likely, that a breakout south could occur soon. A possible downside target is the monthly S3 at 7.25.

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