JPY INR trend analysis 26 to 30 May 2014
JPY INR daily chart technical analysis
JPY INR spot on last trading session closed at 57.34 flat. On daily chart yen in absolute downtrend against rupee and is trading at fresh low from short-term view. On chart, for next week expect support zones at 57 and 56 rupees. While on upside yen will face strong resistances at 58.25, which is its 1-month average level, and then 59 rupees, which is its 3-month average level. Daily chart indicators pattern are bearish but oversold so expect short covering ahead.
Traders must follow buy on dips view for yen and with stop loss below 56 rupee keep accumulation strategy for technical bounce back up to 58.25 to 59 rupees.
JPY INR weekly chart technical analysis
JPY INR spot this week closed with loss. This was second losing week for yen and in these 2 weeks period tumbled from 59 rupee to 57 rupees. This week JPY INR spot hit high at 58.32 and low was at 57.18. Total 1.2 rupees range or 2% swing and closed with loss. JPY INR spot weekly chart, price trend and momentum both are down. From medium to long-term view, 56 and 54 rupee are strong support zones for now and on upside 59.5 and 60.3 are strong resistances. 59.5 is 6-month average level and 60.3 is 12-month average levels and will remain as strong resistances on weekly chart.
Weekly chart indicators patterns are bearish and heading towards oversold zones so expect limited downside and much upside for yen in upcoming weeks.
Investors here keep contra view for yen and follow buy on dips view with risk based stop loss in place, For upside targets up to 59.5 to 60.5.