JPY INR weekly outlook 7 to 11 April 2014
JPY INR daily chart technical analysis
JPY/INR spot on last trading session closed at 58.07 with loss. On daily chart price, trend and momentum both are down. For next week, yen rupee pair support zones are 57.6 and 57 while on upside resistances are 59 is 1-month average and first resistance and above it 59.8 is 3-month average and next strong short-term resistance.
On indicators and oscillators, CCI is -124 and off the oversold zone. RSI is 35 and off the low. On risk off trades, expect yen to recover from historic lows so keep contra view here.
Traders above 57 use major correction to accumulate with strict stop loss below 57 and for technical bounce back up to 59-60.
JPY INR weekly chart technical analysis
JPY/INR spot this week closed with flat loss. This was third losing week for yen and in these 3 weeks tumbled from 60.5 to 57.5 levels.
On weekly chart yen is in downtrend with bearish patterns on indicators. From medium to long-term view, 58 and 56 are support zones of previous major swing bottoms. While on upside 60 is 6 month average and first major resistance and then 61 is 12 and 24 month average zone and next major long term resistance level. This week JPYINR hit high at 58.26 while low was at 57.39. Total 90 paisa or 1.5% weekly swing and closed flat on late recovery.
On indicators and oscillators, CCI is -173 and heading towards oversold with bearish divergence. RSI is 38 and hovering near oversold zone.
Here above 57 keep buy on dips view with strict stop loss, for technical bounce back up to 60-61 levels in upcoming weeks.