| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Buy | Sell | Sell |
| RSI (14) | Neutral | Neutral | Neutral |
| Stochastic (5; 3) | Sell | Sell | Sell |
| Alligator (13; 8; 5) | Buy | Sell | Sell |
| SAR (0.02; 0.2) | Buy | Buy | Sell |
| Aggregate | ⇒ | ⇘ | ⇘ |
The South African Rand has weakened against the Japanese Yen for the last six weeks—a movement which has been confined in a descending channel.
During its last wave up, the pair has formed an ascending wedge. It is expected that this pattern is breached in this session and, given its bearish characteristics, a breakout is likely to occur to the downside.
This scenario would be in line with the senior channel, as the rate is close to reaching its upper boundary.
A significant support is provided by the 55-, 200– and 100-hour SMAs and the weekly PP in the 8.24/28 territory. This area could introduce some changes to the aforementioned fall. As a result, the lower channel boundary might not actually be reached, giving the Rand an opportunity to surge.