jpyinr daily chart technical analysis
jpyinr spot or yen against rupee last closed at 55.06 with gains.on daily chart we seen sharp reversal in yen from 53 level and now near 3 month average on daily chart.
on chart,jpyinr 3 month average is 55.85 and only resistance remain from short term view.below that 54.3-54.4 is month and week averages and and act as support zone for short terms.on indicators jpyinr cci level on daily chart is +69 and with bullish divergence while rsi is at 49 and at fresh breakout level.
jpyinr weekly chart technical analysis
jpyinr pair in this week closed with gains after many weeks downfall.on chart for now look like reversal sign but not yet confirmed.this week jpyinr made low at 53.4 while high was 55.3 total almost 2 rupee recovery from bottom.on weekly chart yen rupee all major averages still way above around 58 to 61.5 zone.on indicators on weekly chart showing off the lows from oversold zones and slowly forming bullish divergences.
jpyinr forecasts for 27 to 31 may 2013
for next week above 54.3-54.4 zone on closing basis hold long view and expect breakout above 55.85.if fall below 54.3 and trade below it for 2-3 session then it will resume downtrend and head towards new lows.then this was nothing but dead cat bounce back.
from medium to long term view,on pattern on chart and indicators we see 53 is new bottom and we may see minimum bounce back run upto 58 here.below 53 on weekly closing basis long term bear market will resume and targets remain at 52 and 48.above 58 on weekly closing basis will confirm reversal in yen from medium to long term view.