According to Technical Eye, ZAR/JPY is gradually forming higher lows, with the pair expected to remain in an upward trend. The high of 9.641 on 1 October is cited as an initial key level.
ZAR/JPY has continued to move modestly near its lows while gradually forming higher lows. Under the main scenario, this movement will continue and the pair will remain in an upward trend.
As an early level in the upswing, a break above the high of 9.641 on 1 October is considered important. A break above it could bring the baseline at 9.657, the lower boundary of the Ichimoku Cloud at 9.719, the high of 9.739 on 23 September, and the upper boundary of the Cloud at 9.785 into focus as potential targets.
The secondary scenario envisages a decline, with potential tests of the conversion line at 9.529, the ¥9.500 level, the low of 9.417 on 2 October, and the low of 9.317 on 4 May.