JPYINR forecast for week 21 to 25 April
JPYINR daily chart technical analysis
JPYINR spot on last trading session closed at 58.83 with loss. On daily chart, yen is in downtrend against rupee with strong bearish momentum. Yen is trading below 1 month and 3 month averages and heading towards previous lows. From short-term view, JPYINR support zones are 58.5 and 57.4, which are previous swing lows. On upside 59.5 is 3-month average and strong resistance. Above it 60.5 is next strong resistance zone. Daily chart indicators and oscillators pattern are bearish and suggesting downside for prices in upcoming sessions.
Traders below 59.5 keep sell on rise view for yen and keep targets at 58.5 and then 57.4.
JPYINR weekly chart technical analysis
JPYINR spot this week closed in red. This week yen has hit high at 59.43 while low was at 58.79. Total 60-paisa range or 1% weekly swing in prices and closed with loss and continuing downtrend. From medium to long-term view, yen rupee support zones are 58 and 56, which were previous swing bottoms. On upside 60 is 6 month average and 60.65 is 12 month average level and both will be strong supply zones on weekly chart. Weekly chart, indicators and oscillators patterns are mixed but as price trend is down investors must follow it and below 61 keep sell on major rallies strategy.