ZAR/JPY 1H Chart: Rand flashes bullish signals
The 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.
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.