JPY INR daily chart technical analysis for 24 to 28 February 2014
JPY INR spot on last trading session closed at 60.56 with loss. On daily chart, JPY/INR price trend and momentum is bearish. JPY/INR is trading below its all short-term averages and daily chart indicators pattern are bearish suggesting downside ahead.
For next week, JPY/INR support zones are 59.8 and then 59 while on upside 60.7 is first resistance and its 3-month average while above it 61.65 will be second resistance.
Short-term traders below 61.7 keep short view for JPY/INR future and expect downside. But any daily closing above 61.7 will trigger short covering and sharp rally on upside and also CCI indicators on daily chart is near oversold zone so stay short but with strict and small stop loss.
JPY INR weekly chart technical analysis for 24 to 28 February 2014
JPY INR spot this week closed with loss. This week JPY/INR high was at 61.27 while low was at 60.26. Total 1 rupee or almost 2% weekly volatility and closed with loss. JPY/INR given weekly closing below its 12 and 24 month average which is very bearish sign but weekly chart indicators patterns are still bullish.
From medium to long-term view, JPY/INR support zones are 60 and 58.5 while on upside 61.3 and then 64 are strong weekly closing basis resistances.
Here investors and swing traders must take contra view. In addition, above 58.5 keep buy on dips view and expect higher targets of 61.3 and then 64. As yen showing bullish signs against US dollar, we may see same reflection on rupee also so expect upside for yen hence contra call advice.