The ZAR/JPY currency pair has been trading within a rising wedge pattern since the end of June.
From a theoretical point of view, it is likely that the exchange rate could continue to extend gains within the given pattern until the end of current month. Then, a breakout south could follow.
Meanwhile, note that the currency pair could gain support from the 55-, 100– and 200-hour SMAs in the 6.40 area. Thus, some upside potential could continue to prevail in the market, and the pair could target the 6.80 level.
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