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ZAR/JPY

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ZARJPY trade ideas

ZAR/JPY 1H Chart: Two scenarios likelyThe ZAR/JPY currency pair has re-tested the upper boundary of a medium-term ascending channel twice since the beginning of October. As apparent on the chart, the pair is currently trading near the upper channel line located circa 7.95. Given that the pair is supported by the 55– and 100-hour SMAs near 7.85, it is expected that a breakout north occurs in the following trading sessions. Technical indicators for the 4H and 1D time frames support bullish scenario. However, if given trend holds, a reverse occurs within following days. A potential downside target is the Fibonacci 23.60% retracement at 7.67.
by UnknownUnicorn890690
ZAR/JPY 1H Chart: Pair shows signals of reversalThe South African Rand has been appreciating against the Japanese Yen since the beginning of September after the pair reversed from the lower boundary of a medium-term channel at 7.12. As apparent on the chart, the pair is trading near the upper channel line. From the theoretical point of view, a reversal could occur in the nearest future. Technical indicators for the 1D and 1W time-frames also support bearish scenario. Possible downside targets for the following sessions is the 55-period (4H) SMA at 7.39 and the weekly S1 at 7.29. It is the unlikely case that some bullish pressure still prevails in the market, the currency pair should not exceed the resistance cluster formed by the Fibonacci 23.60% retracement and the weekly R1 near 7.70.
by UnknownUnicorn890690
ZAR/JPY 1H Chart: Rand towards senior channelThe South African Rand began appreciating against the Japanese Yen mid-July when it reversed from the senior channel circa 7.88. The rate peaked at 8.55 a few weeks prior to heading back lower. The Rand is currently testing the 55-period (4H) and 100-hour SMAs near 8.40. If this support cluster remains intact during the following hours, it is expected that the pair continues appreciating towards the upper boundary of the senior channel circa 8.65.The nearest resistance is the 50.00% Fibonacci retracement at 8.55. A bearish breakout from 8.40 is likely to send the rate down to the 200-period SMA and the monthly PP at 8.23. This area is expected to cause a reversal to the upside and a subsequent surge. The upward-sloping tendency of technical indicators suggest that the bullish scenario is the more likely option.
Long
by UnknownUnicorn890690
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