| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Sell | Buy |
| RSI (14) | Neutral | Buy | Neutral |
| Stochastic (5; 3) | Neutral | Buy | Neutral |
| Alligator (13; 8; 5) | Sell | Sell | Neutral |
| SAR (0.02; 0.2) | Buy | Sell | Sell |
| Aggregate | ⇘ | ⇒ | ⇗ |
ZAR/JPY's movement during the past three weeks has been bounded by a descending channel. This pattern guided the pair out of a five-month falling wedge earlier this week.
The Rand has since remained near the breached pattern, thus fluctuating between the weekly and monthly S1s in the 8.65/74 area. Despite this breakout, technical indicators nevertheless remain bullish in the medium term. This should result in a move above the 55-, 100– and 200-hour SMAs and a possible test of the upper wedge line near 8.90.
In the short term, however, the given pair might still feel some bearish pressure from the aforementioned moving averages or the weekly and monthly PPs at 8.45. This minor fall could be stopped by the weekly S2 at 8.60 before the bullish sentiment takes over and pushes the South African Rand north again.