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.
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.
Source: Dukascopy, an innovative Swiss online bank based in Geneva, Switzerland, which provides trading services via the Internet and smartphones (specializing in currencies, precious metals, CFDs and binary options), as well as banking and banking services. other financial services via advanced technological solutions developed in-house.
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