USD/ZAR hits yearly high at 16.3180

Pair hit yearly high at 16.3180 in Asian hours and currently trading at 16.5764 levels.

• The U.S. dollar surged as much as 10.3 percent at one stage to reach 17.9950 rand and was last quoted at 17.2500, a huge move from 16.3150
   
• Dealers said Japanese investors were selling rand for U.S. dollars, where there was at least some liquidity, and then exchanging those dollars for yen
   
• Initial resistance levels are seen at 16.80, 17.72 levels
   
• Major support falls at 15.91 levels