in ANALISA by hafid zaini

7640877 7/12/2017 5:19 PM, ZAR/JPY intraday: the RSI is overbought


8.3982 is our pivot point.


Our preference

: the upside prevails as long as 8.3982 is support.


Alternative scenario

: below 8.3982, expect 8.3347 and 8.2970.


Comment

: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 8.4038 and 8.4086). Finally, the ZAR/JPY has crossed above its upper Bollinger band (8.4576).


Supports and resistances

:

8.6646 **

8.6267 *

8.5888 **

8.5509

8.4690 last

8.4231

8.3982 **

8.3347 *

8.2970 **