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- ZAR/JPY stalled out just above the 23.6% Fibonacci level on Monday as risk proxies saw some brief reprieve.
- The cross is currently -5.68% off its 7 June peak at 8.1809, trading around 7.70 as souring risk sentiment and rising Covid cases upset ZAR's solid run of form in 2020/21.
- Today's price action saw a brief retest of the underside of the 50dma, but has since pulled back lower.
- A close below the midpoint of yesterday's candle would reflect a bearish near-term bias in the cross.
- Momentum oscillators remain bearish with the RSI holding at 38.60, but price action will need to overcome the 23.6% fib at 7.5741 in order to open up lateral support at 7.3279 & 38.2% fib at 7.1988
- Sell-side has shifted bearish on EM FX in the past few weeks, which should see crosses like ZAR/JPY underperform in the near-term