There is no discussion for me that ZARJPY fundamentally goes up on a longer time scope. I'll just mention 2 most important points that are evaluated in my previous article. ZAR interest rate is to be kept high in the following years, compared to low/negative JPY rates that are to be kept for years. Also mining commodities, that are fundamentally supportive for ZAR, are likely to be retracing up, especially as they are better for keeping long-term than for example JPY or CHF (you are charged for …