jpyinr daily chart forecast
jpyinr spot or rupee against yen on last trading session closed at 54.29 with loss.on daily chart yen rupee pair is in absolute downtrend and momentum also getting weak after every technical bounce back.
on chart,54.75 is jpyinr weekly average and first major resistance on upside.above that 55.3 in month average and 56.95 is 3 month average.on downside 54 is last bottom and last support on daily chart.below that will be uncharted territory.on indicators side,jpyinr daily cci level is –87 with bearish divergence.while daily rsi level is +38 and still holding sell signal.
jpyinr weekly chart forecast
jpyinr pair this week closed with huge loss.on weekly chart right now look like consolidating in between 54-56.this week yen rupee high was 55.74 while low was 54.2.total 1.5 rupee week volatility and gaining rupee.
on weekly chart,trading way below all major medium to long term averages.all major averages now 59.5 to 61.5 zones.on downside 54-53.9 will be last support on weekly closing basis and which is new low also.on upside 56 and 58 are previous tops resistance zones.on indicators jpyinr weekly cci is –105 and off the lows.while weekly rsi is 27 and in oversold zone with bearish divergence.
jpyinr forecast for 6 to 10 may 2013
for next week,below 54.75 on closing basis hold sell on rise view and targets are 53.5 to 52.9.here comparative stronger rupee may set panic selling for yen?if close above 54.75 then wait and watch for reversal signal.if fails to break 53.9 low then may be stuck in range of 54-56.
from medium to long term view below 59.5 still there much more chances that yen will hit new low at 52 and then 48.any recovery from lower level become sharp as all indicators are in oversold zones and too much shorts positions standing for yen?