jpyinr daily chart technical analysis
jpyinr spot pair last closed at 59.6 with loss.on daily chart yen rupee trend is up but momentum is on correcting side on profit booking.on daily chart trading below week and month average and trending towards 3 month average.
on upside 59.65 is month average resistance while 59.9 is week average resistance.on downside 58.15 is 3 month average and last support from short term view.
on daily chart,jpyinr cci is –30 and with bearish divergence while rsi is at 54 and off the highs.
jpyinr weekly chart technical analysis
jpyinr this week closed with loss.this was 3rd week of loss and this week we seen dropped from 62 to now 59.6.on chart we can see yen given reversal from 2 and 1 years average level which is sell signal and very bearish.may form new low in longer term view may show levels below 53 with this bearish move.
on weekly chart,61 is now 2 years average while 60.56 is 1 years average and both strong resistances.on downside 58.7 is 6 month average and if break this level then yen will continue its bear rally towards previous lows.
jpyinr forecast for 8 to 12 july 2013
for next week,below 59.9 traders keep selling view for jpyinr and expect target near 58.fresh buying is suggested above 60 level only.as yen heading for new low against dollar we may see weakness in jpyinr as comparative weakness of yen.
from medium to long term view,reversal from 2 years average which is now at 61 is fresh long term sell signal for yen and here on downside targets are at 58 then 56 and then 53 which was fresh long term low on chart.yen on twisting from BOJ may remain weak in very long terms?