JPY INR weekly tips 14 to 18 April 2014
JPY INR daily chart technical analysis
JPY INR spot on last trading session closed at 59.17 with loss. On daily chart yen is in downtrend against rupee but recovered from lows. Yen is trading below 3-month average with bullish recovery patterns on indicators. For next week, JPY INR spot support zones are 59 and 57.5. 59 is 1-month average level and 57.5 is previous swing low for yen. On upside 59.7 is 3-month average and strong resistance while 60.5 is previous swing top and next resistance. Daily chart indicators are off the lows and with bullish divergence.
Traders below 59.7 keep sell on rise view for downside targets of 59 and 57.5.
JPY INR weekly chart technical analysis
JPY INR spot his week closed with gains. This week yen rupee pair hit high at 59.49 while low was at 57.77. Total almost 2 rupee or 3% swing in prices and closed with gain. Pair weekly chart price trend is down but momentum is building on recovery side that why seen positive closing in this week.
From medium to long-term view, JPY INR support zones are 58 and 56 while on upside 60.15 and 60.95 are strong resistances. 60.15 is 6-month average level and 60.95 is 2 years average level.
Investors below 61 keep short view on yen and stay short for targets 58 and 56 in upcoming weeks.