Yen rupee future this week closed at 58.3 with loss. This was second losing week for yen after previous week’s profit booking and we saw sharp profit booking in yen on risk on trades. This week yen rupee hit high at 59.28 while week low was 58, total 1.3 rupee weekly range and strong negative closing.
On weekly chart, yen trading around 5 and 20 weeks average levels which are at 58.3 and then 58.35 while on upside 59.05 is 50 weeks average and strong resistance level. Yen rupee weekly chart, RSI level is 48 with fresh sell signal and MACD is negative with early topped out pattern.
Yen rupee future opened weak for September series below major support of 58.4 rupee and remain sell below this level. On downside 57.5 and then 56.75 are support zones as well as target levels for this downtrend. If gives closing above 58.4 on strong price action and volume then that will be reversal buy signal.
On daily chart, prices are now slipped below 5 and 20 days average of 58.4 and trading just above 58.15 rupee level which is 50 days average support level. Daily chart, RSI is 49 with fresh sell signal and MACD is above zero and with sell signal given at 58.75 rupee level.
From long term view, yen rupee future opened bearish in 2017 and in last 7 months yen closed with losses in 4 months which reflect overall investors sentiment towards yen. Yen still weak from long term view below 60.7 rupee level. On downside 56.5 was first bearish target which got achieved below it next long term support as well as target will comes around 53.
In august we saw high up to 59.3 rupee and now once again prices are came down on risk on trades.