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ZAR/JPY

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ZAR/JPY 1H Chart: Likely to target 8.80The South African Rand has been trading in a channel down against the Japanese Yen during the past three months. Two junior channels were also formed along the way. The most recent test of the senior channel occurred earlier this week when the Rand reversed from the 9.10 mark. The rate has since breached the 55– and 100-hour SMAs and is currently approaching the combined support of the 200-hour SMA and the bottom boundary of the most junior pattern near 8.90. It seems that there is still some downside potential in the market that should guide the Rand towards the monthly S1 at 8.90. In case bears continue dominating the market, the Rand could even push lower down to the intermediate pattern located in the 8.80/85 territory. Conversely, a test of the 200-hour SMA might activate bulls for a few sessions. The aforementioned 9.10 area, however, is unlikely to be surpassed.
by UnknownUnicorn890690
ZAR/JPY 1H Chart: Rand flashes bullish signalsThe ZAR/JPY exchange rate has been trading in the 8.79/9.27 range since mid-December. Its southern barrier was tested two weeks ago when the Rand reversed from its three-month low of 8.79. The given currency pair has since been trading in an ascending channel. It seems that the rate might be reluctant to reach its upper line, thus pointing to a possible breakout south in the nearest time. Weekly technical indicators, however, favour a continuous surge towards the northern boundary of the range. Considering these two factors, it is possible that the Rand forms a minor correction south towards the 200-hour SMA, the weekly PP and the 38.20% Fibo retracement at 8.95 today, followed by a price increase up to the 9.30.
Long
by UnknownUnicorn890690
ZAR/JPY 1H Chart: Pair trades along senior lineAfter hitting the 2017 low of 7.77 mid-November, the South African Rand started to appreciate against the Yen in a channel up. During the past weeks, however, the pair has been trading in the 8.85/9.25 area, thus failing to form a distinctive wave up. The Rand has spent the past few trading sessions along the senior channel line. In addition, it is trading near the upper line of the aforementioned range which is likewise the pair’s highest level since mid-2015. These two factors suggest that the pair might soon breach the senior channel and initiate a course towards the 8.90 mark. The nearest support is provided by the weekly PP and the 200-hour SMA near 9.07. This area could hinder the Rand for some time, thus resulting in a slight period of consolidation.
Short
by UnknownUnicorn890690
ZAR/JPY 4H Chart: Climbs towards 8.40ZAR/JPY 4H Chart: Climbs towards 8.40 The South African Rand is actively appreciating against the Japanese Yen in a one-month long ascending channel. The pattern represents a part of a larger falling wedge formation. Accordingly, the surge is expected to continue. This assumption is supported by the rising 55-, 100- and 200-period SMAs that are moving along the lower trend-line of the channel. In addition to that, 51% of traders are bullish on the given currency pair. On the other hand, there are two alleged resistance levels located at the 8.395 and 8.456 marks that might not only halt the surge but also lead to premature turnaround. However, this scenario is unlikely to materialize without some relevant fundamental event that would to spike a demand for safe haven asset.
by UnknownUnicorn890690
ZAR/JPY 1H Chart: Poised for minor correction southDownside risks have dominated ZAR/JPY both in the long and medium term. The most senior pattern is a falling wedge in force since late November, 2016. A more recent bearish pattern is a three-month channel down that guided the rate from one wedge boundary to the other. After testing the 7.80 mark, the South African Rand began a new wave up in the medium pattern—a move which is constrained by a minor channel up. As apparent on the chart, the rate is currently testing this short-term pattern and it seems that a breakout to the downside might be successful. This assumption is also supported by technical indicators. The rate is likely to remain near the weekly PP and the 200-hour SMA circa 7.95 during this week and subsequently edge even lower down to the weekly and monthly S1s near 7.85. It is expected that the bottom boundary of the medium-term channel would not be reached, as the Rand should push for the upper wedge boundary during the following weeks.
by UnknownUnicorn890690
ZAR/JPY 1H Chart: Approaches channel lineThe 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 8.2400/2850 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.
Short
by UnknownUnicorn890690
ZAR/JPY 1H Chart: Channel DownThe South African Rand has depreciated substantially against the Japanese Yen within the last six weeks, thus forming a channel down - valid for most of this downfall. As apparent on the chart, the rate failed to reach the bottom channel boundary in its last wave down and, subsequently, breached the upper line mid-session. This failure was an early indication that the momentum downwards was allaying, especially when a new up-trend took the upper hand. Other indicators are likewise turned bullish, adding some ground to the assumption that a surge may be due. However, more green candles are still necessary to confirm that the pair will not to return in the channel down. By and large, the pair is likely to follow the junior channel, and in case of a strong momentum north, the steepness of the up-trend will shift to the upside.
Long
by UnknownUnicorn890690
ZAR/JPY 1H Chart: Channel DownThe South African Rand is trading in a channel down against the Yen in force since late June. The last four sessions were marked by a lack of distinctive direction, thus driving the rate sideways. Subsequently, the Rand plunged swiftly mid-today, thus reaching the lower channel boundary. The given move has pushed technical indicators in the strongly bearish and oversold area, dashing the rate through the 100– and 55-hour SMAs. Thus, it is expected that the Rand may recover and move closer to the upper channel boundary circa 8.50/52. This level is reinforced by the 61.8% Fibonacci retracement (June 21 low/June 26 high) and the 55-hour SMA that may provide enough resistance to reverse the pair south once again.
Long
by UnknownUnicorn890690