Currency futures-jpyinr hit tgt 60.6 next tgt 62.7

Yen rupee future technical analysis

Yen rupee future technical analysis

Jpy inr future today closed at 60.14. Yen also hit my give target of 60.6 today with strong gap up opening and then we saw profit booking in it.   Yen rupee future in January 2017 opened weak but oversold yen seen strong value buying at lower level. It recovered up to resistance of 58.95 and then we saw trend breakout for target 60.6 which is achieved today. Now above 60.6 yen will continue its bull run for my next target of 62.7. On downside 59.8 and 59.5 are support zone. Above 58.95 every major dip will be buying opportunity with stop loss.   From long term view, yen is recovering from oversold zone and heading towards major resistance zone of 60.7 rupees. Weekly closing breakout above this level means long term bullish trend and targets of 66.5 rupee for yen.

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Pramod Baviskar

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