JPY INR forecast 9 to 13 June 2014

JPY INR forecast 9 to 13 June 2014

JPY INR daily chart technical analysis

JPY INR spot on last trading session closed at 57.64 flat. On daily chart, yen is in absolute downtrend against rupee and trading near fresh lows. Fresh breakdown has been seen on this currency and we may see previous lows in upcoming period. For next week, yen has support around 57.3 and 56.5 while on upside 58 is first resistance level of its 1 month average and above it 58.6 is next strong resistance level its 3 month average. Daily chart indicators pattern are showing fresh bearish patterns suggesting downside for yen in next week.

JPY INR weekly chart technical analysis

JPY INR spot this week closed with loss. On weekly chart yen is already in downtrend and trading way below all major averages and this week negative closing suggesting possible start of fresh downside rally. This week yen hit high at 58.13 while low was at 57.44. Total 70 paisa or 1% plus volatility and closed with loss. Investors here watch 56-54 zone for fresh long-term entry or hold short view with stop loss of 59.5.

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Pramod Baviskar

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