The South African Rand is trading in a channel down against the Yen in force since late June. The last four sessions were marked by a lack of distinctive direction, thus driving the rate sideways. Subsequently, the Rand plunged swiftly mid-today, thus reaching the lower channel boundary. The given move has pushed technical indicators in the strongly bearish and oversold area, dashing the rate through the 100– and 55-hour SMAs. Thus, it is expected that the Rand may recover and move closer to the upper channel boundary circa 8.50/52. This level is reinforced by the 61.8% Fibonacci retracement (June 21 low/June 26 high) and the 55-hour SMA that may provide enough resistance to reverse the pair south once again.