Yen rupee future weekly technical analysis report for 12 June to 16 June 2017
Jpy inr future this week closed at 58.4 with flat gains. This was forth positive week for yen and this week we saw high at 59.18 while my bullish swing target was at 59.45. This week yen rupee traded in 90 paise range and closed flat positive. On downside hit low of 58.29 and on upside hit high around 59.18.
Yen rupee future above 57.95 remain in bullish trend and almost hit bullish swing target of 59.45 with high near 59.2. Now correcting towards 57.95 support zone, above this level outlook remain bullish and strategy remain buy on dips for targets 59.45 and above. Below 57.95 expect sharp selling for target 57.
From long term view, yen rupee future opened bearish in 2017 and now showing strong reversal signs for long term recovery target of 61.