Generally speaking last week (Friday mostly) the South African Rand lost lots of ground against most currencies and I would consider the move as an impulse that should see follow through.
ZARJPY is in a long term downtrend and could resume it very soon. More details below.
ZARJPY is in a long term downtrend and could resume it very soon. More details below.
Note
A closer look: the whole of 2016 and most of 2017 were spent building a rising wedge as a corrective pattern. The wedge was broken at the beginning of the month of August and confirmed by a backtest last week. Note
4H chart: Note
My plan is to sell the pair with a stop above the previous high. Should things turn really south we could see a drop below 6 as a final target over the next couple of years (very pessimistic scenario)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.