ZAR/JPY 1H Chart: Rand flashes bullish signals

The ZAR/JPY exchange rate has been trading in the 8.79/9.27 range since mid-December. Its southern barrier was tested two weeks ago when the Rand reversed from its three-month low of 8.79.

The given currency pair has since been trading in an ascending channel . It seems that the rate might be reluctant to reach its upper line, thus pointing to a possible breakout south in the nearest time. Weekly technical indicators, however, favour a continuous surge towards the northern boundary of the range.

Considering these two factors, it is possible that the Rand forms a minor correction south towards the 200-hour SMA , the weekly PP and the 38.20% Fibo retracement at 8.95 today, followed by a price increase up to the 9.30.
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