JPY INR forecast 16 to 20 June 2014

JPY INR forecast 16 to 20 June 2014

JPY INR daily chart technical analysis

JPY INR spot on last trading session closed at 58.46 with gain. On daily chart, yen has recovered from lows and now trading near its 3-month average level. On downside, 58 rupees and 57.3 rupees are strong support zones. 58 rupee is 1 week and 1 month average zone and 57.3 is previous major bottom. On upside 58.55 is 3 month average and strong resistance zone and above it 59 will be next resistance level. Daily chart indicators are bullish but overbought. Traders watch 58.55 zones for breakout and trend change.

JPY INR weekly chart technical analysis

JPY INR spot this week closed with huge gains on recovery rally. This week yen hit high at 58.6 while low was at 56.86.total 1.7 rupees or almost 3% swing and closed with gains. JPY INR spot weekly chart trend is down but momentum is building on recovery side. From medium to long term view, JPY INR spot support zones are 58 and 56 rupees while on upside 59.2 is 6 month average and first resistance level and 60 rupees is 12 month average and next resistance level. investors here can expect recovery rally for yen in upcoming weeks.

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