Yen rupee futures outlook for next week 12 to 16 Dec. 2016
Jpy inr future this week closed at 58.96 with heavy loss. This was fifth losing week for yen and almost lost 8 rupee gains in these 5 weeks. Means almost 13% drop in this Japanese currency future against rupee in 1 month!!. I already told that below 62.4, yen will . On downside my monthly targets are 58.7 and then 56.4. Yen rupee future is in absolute downtrend and prices are heading down in oversold zones which is also very bearish signal for this currency.
For next week, jpy inr future remain sell below 59.45 and my yen rupee weekly target zones are 58.5 and 58 rupees.
From long term view, yen is in correction phase. We saw strong short covering as well as buying rally up to 69 rupee. Yen already achieved my long term corrective targets of 64-62 and 59.5.
Now heading towards my long term supports as well corrective targets of 57.3 and 54.2 rupees.