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