Yen rupee future is trading at 58.34 with loss for the day. 2 days back we saw high of 59.56 on safe haven buying in yen and now yen is correcting towards support of 58.3 rupee to take support and move again towards next target of 60 rupee. On chart, 58.3 is major support zone and above it outlook for yen remain bullish and buy and accumulate for target 59.1 again and then 60 rupee. If sustain below 58.3 then enter short term downtrend and remain sell for targets 57.5 and below.
On daily chart, yen is now trading at 50 days average level of 58.3 and below 20 and 5 days averages of 58.65 and 58.83 respectively. So daily chart price trend is still bullish and yen heading lower to take major support. Daily chart, RSI is 49 and at make or break level and MACD is above zero and fresh sell signal.
On weekly chart, yen had given bullish breakout above 59 rupee and failed to sustain and now heading lower towards 20 weeks average support of 58.3 rupees. Yen after last week’s strong run seeing profit booking and lost almost all gains of last week. on upside 58.65 is 5 weeks average level and first resistance and then 59 is 50 weeks average level and next resistance zone. Weekly chart RSI level is at 49 with make or break signal and MACD is below zero but with strong long term buy signal given at 56.5 rupee level.