JPY INR daily chart technical analysis
JPY INR pair on last trading session closed at 59.13 with gain. On daily chart, yen is in downtrend with strong bearish momentum against Indian rupee. Prices are trading way below short-term averages and near short-term lows. Daily chart indicators are bearish but oversold so bounce back can happen ahead.
For next week, JPYINR support zones are 59 and 58.2 while on upside strong resistances are 60 and 60.60.
Short-term traders here keep contra view and above 58.2 keep buy on dips view only for technical bounce back up to 60 rupee.
JPY INR weekly chart technical analysis
JPY INR pair this week closed with huge losses. This week JPY INR high was at 61.29 while low was at 58.83. 2.46 rupees or 4% downside move for JPYINR in this week and Prices are heading towards previous lows.
Yen had turned down from its 24 and 12-month average, which was very bearish signal on chart. From medium to long-term view, yen-rupee support zones now at 58.5 and then 56 while on upside 61 and 62.2 are strong resistances. All these levels are important on weekly closing basis. Indicators are in bearish zones with bearish patterns.
If yen continues bear run in international market then we may see 58 to 56 levels again in upcoming weeks.