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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
- Renewed JPY weakness this week has been supporting ZARJPY, which continues to retrace higher after finding support at around 8.
- The pair broke above the 8.0950 level yesterday, which corresponds to the 38.2% Fibo retracement of the 6.9450 – 8.8060 range, and seems on its way to retest its 100DMA resistance (8.2080).
- A break above that level would open the door for a move up to 8.2710 (50DMA).
- On the downside, support to watch stands at 8, followed by 7.8760 (50% retracement), which also represents the neckline in the double top formation we have observed in recent months.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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