| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Buy | Buy |
| RSI (14) | Neutral | Neutral | Neutral |
| Stochastic (5; 3) | Sell | Sell | Sell |
| Alligator (13; 8; 5) | Sell | Neutral | Neutral |
| SAR (0.02; 0.2) | Sell | Buy | Buy |
| Aggregate | ⇓ | ⇒ | ⇒ |
The South African Rand was trading in an ascending channel against the Japanese Yen for the last five weeks. During the time, a junior channel down was also formed.
Shortly prior to the breakout of the senior pattern, the pair was starting to decrease its trading range, thus forming a minor falling wedge. The Rand is currently trading between two significant barriers, namely, the monthly PP and the weekly S1 at 8.36 and the 55-, 100– and 200-hour SMAs and the 50.0% Fibonacci retracement circa 8.40. The rate has failed to surpass the latter since September 18 which might suggest that the bottom barrier is more likely to surrender.
The closest downside target is the 38.2% Fibo near the 8.33/32 area. On the other hand, the rate might still continue to trade sideways in the same range until the 8.40 mark is re-tested by the end of this week.