Dukascopy

ZAR/JPY 4H Chart: Climbs towards 8.40

FX_IDC:ZARJPY   SOUTH AFRICAN RAND / JAPANESE YEN
ZAR/JPY 4H Chart: Climbs towards 8.40

The South African Rand is actively appreciating against the Japanese Yen in a one-month long ascending channel . The pattern represents a part of a larger falling wedge formation.

Accordingly, the surge is expected to continue. This assumption is supported by the rising 55-, 100- and 200-period SMAs that are moving along the lower trend-line of the channel. In addition to that, 51% of traders are bullish on the given currency pair.

On the other hand, there are two alleged resistance levels located at the 8.395 and 8.456 marks that might not only halt the surge but also lead to premature turnaround. However, this scenario is unlikely to materialize without some relevant fundamental event that would to spike a demand for safe haven asset.
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