ZAR/JPY 4H Chart: Two Scenarios Likely

Technical analysis of Forex market

The ZAR/JPY exchange rate continued to trade within the symmetrical triangle pattern.

From a theoretical perspective, it is likely that the currency pair could continue to trade sideways within the predetermined pattern until the second half of November.

Meanwhile, note that the exchange rate is pressured by the 55-, 100– and 200-period SMAs in the 6.25/6.40 area. Thus, a breakout south could occur, and the rate could decline to the psychological level at 6.00.

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