jpyinr daily chart technical analysis
jpyinr spot last closed at 60.29 with loss.on daily chart jpyinr trend and momentum both up.on downside 60.1 is first support as well as week average.below that 59.79 is month average and 58.45 is 3 month average and last support from short term view.
on indicators,jpyinr cci is –32 and off the lows while rsi is at 56 and still with bullish divergence.on upside 61-61.8 and 62.25 are major resistances from short term view.
jpyinr weekly chart technical analysis
jpyinr this week closed with gains at 60.29.this week yen hit low at 59.28 while high was 60.74.total 1.5 rupee+ week range and closed with gains.on weekly chart trend is down but momentum definitely building in favor of yen.
on weekly chart,61 is 2 years average while 60.55 is 12 month average both remain major supply zones.while on downside 58.8 is 6 month average and major support below that we may see sharp fall upto 56-54 levels again.
on indicators,jpyinr cci is +119 with bullish divergence while rsi is just below 50 with bullish divergence.
jpyinr report for 15 to 19 july 2013
for next week,jpyinr outlook remain bullish and strategy remain buy on dips.above 58.4 hold long view and expect target near 61-62.but if fall below 58.4 then we may see long term downtrend will resume and yen may show much lower level here.
from medium to long term view,buying suggested above 61 level on weekly closing basis.if sustain above 61 then only we may see 64-65 levels in medium term but strong rupee and twisted yen mix may resume downtrend and show lower levels.below 61 for now follow wait and watch strategy or sit on sell side with stoploss.