JPY INR : achieved sell TGT 57.5 next TGT 56.75

Yen rupee future today trading at 57.85 with gain. Yen is bouncing back against rupee after sharp selloff, 2 days back. In September we saw strong opening and then strong yen seen some buying and hit my bullish swing target of 59.12 but around those level we saw strong short addition and also profit booking.

As North Korea tension subsides, we saw sudden drop in safe haven demand and due to that prices collapsed below major support of 58.4 and given bearish breakdown and downtrend hit first downside sell target of 57.5 rupee. Now trading above it but with bearish outlook and with downtrend and bearish momentum.

On daily chart, yen rupee on upside have strong resistance around 57.92 which is its 5 days average level above it 58.3 is multiple averages and well as short term trend resistance. Daily chart, RSI is 41 with fresh sell signal given at 58.9 rupee level and MACD is below zero and with sell signal given at 58.9 rupee level.


From long term view, yen rupee future opened bearish in 2017 and in last 7 months yen closed with losses in 5 months which reflect overall investors sentiment towards yen. Yen still weak from long term view below 60.7 rupee level remain sell on rise. On downside 56.5 was first bearish target which got achieved below it next long term support as well as target will comes around 53. In September we saw strong bounce back towards resistance of 60.7 rupee and now resumed downtrend for previous lows of 56.5 rupee. In September hit high around 59.56 while low was at 57.26. Total 2.25 rupee or almost 5% range and downtrend continues.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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