European Union Foreign Exchange

South African Rand Uplift Against the Japanese Yen

The South African rand / Japanese yen exchange rate has been trading in the 8.77 / 9.30 range since mid-December. Its southern barrier was tested two weeks ago when the ZAR / JPY currency pair fell to its lowest level in three months at 8.77.

The given currency pair has since traded in an ascending channel. It seems that the ZAR/JPY rate may be reluctant to reach its top line, thus indicating a possible southern escape in the nearest time. However, the weekly technical indicators favor a continued push towards the northern limit of the range.

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Given these two factors, it is possible that the South African rand will make a minor correction against the Japanese yen going south to the 200-hour SMA, the weekly PP and the Fibo retracement of 38.20% today, followed by a price increase to the mark of 9.30.

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