ZAR/JPY 1H chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
ZAR/JPY continued to surge after the corrective phase it had entered before, and established a channel up pattern to guide the bullish motion. The bottom boundary that has just been tested held strong and caused a bounce to keep the pattern intact. Immediate supply lies at 8.50 and then 8.52 before attacks at the upper trend-line of 8.53 are launched. It might take a while to get there as the motion required is quite steep now, but a more sustainable slope could lead the pair to its target over the next session.
© Dukascopy Bank SA
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