JPYINR technical analysis for 19 to 23 May 2014
JPYINR daily chart technical analysis
JPYINR spot on last trading session closed at 57.65 with loss. On daily chart, yen is in absolute downtrend against rupee and trading below all short-term averages. For next week, yen will have support zones around 57 and then 56.4 rupees while on upside 58.2 and 58.75 are strong resistances of week and 1 month averages. 59.2 is 3-month average level and below it, short-term view will remain bearish for yen. Daily chart indicators are bearish and heading lower in oversold state.
Traders here keep contra view and below 57 rupee use downside for buying and accumulation with strict stop loss below 56 rupees and expect technical shot covering up to 58 to 58.5 rupees.
JPYINR weekly chart technical analysis
JPYINR spot this week closed with huge loss. On weekly chart, yen was already in downside trend and this week move suggests, yen once again heading to test 56 and 54 rupees levels in long terms. Yen is trading below all medium to long term averages with strong bearish indicators patterns. On upside 59.7 is 6 month average and first resistance and then 60.35 is 12 month average and major resistance. On downside, 56 and 54 rupees are only supports of previous swing lows. Weekly chart indicators are bearish and heading once again towards oversold zones.
Investors below 61-rupee level remain short on yen and expect targets of 56 to 54 rupee in long-term terms. 61 rupee is 2 years average level. If Indian market continues, Bull Run and yen remain weak on BOJ twisting then expect 48 to 44 rupee levels for yen in long terms.