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ZAR/JPY 1H Chart: Approaches channel line

FX:ZARJPY   South African Rand/Japanese Yen
The South African Rand has weakened against the Japanese Yen             for the last six weeks—a movement which has been confined in a descending channel . During its last wave up, the pair has formed an ascending wedge .

It is expected that this pattern is breached in this session and, given its bearish characteristics, a breakout is likely to occur to the downside. This scenario would be in line with the senior channel, as the rate is close to reaching its upper boundary.

A significant support is provided by the 55-, 200– and 100-hour SMAs and the weekly PP             in the 8.2400/2850 territory. This area could introduce some changes to the aforementioned fall. As a result, the lower channel boundary might not actually be reached, giving the Rand an opportunity to surge.
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