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ZARJPY Flirting With 7.45 Resistance

SOUTH AFRICA
  • ZARJPY has had a decent run from the COVID-19 pandemic low of 5.61; with the pair higher by 30% from that mark, hitting cycle highs of 7.4549 mid-March.
  • The cross is now approaching an important resistance level at 7.45, which represents the 50% Fibo retracement of the 5.61 - 9.29 range; a breakout of that level would leave the door open for a move up to 7.82 (January 2020 high).
  • On the downside, major support at 7.00, which represents the intersection of the 38.2% Fibo and the LT upward trending support line.


Source: Bloomberg/MNI

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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