HomeContributorsTechnical AnalysisZAR/JPY 1H Chart: Rising Wedge Pattern In Sight

ZAR/JPY 1H Chart: Rising Wedge Pattern In Sight

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.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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