JPYINR daily chart analysis
Yen rupee spot on last session closed at 60.7 with loss. On daily chart, JPYINR is testing its short-term average after bullish breakout. JPYINR short-term trend and momentum is still bullish and trading above its short-term averages.
For next week, JPYINR support zones are 60.5-60 and 59 while on upside 61.5 and 62.2 are strong resistance levels as well as targets zones for next week.
JPYINR daily chart indicators are with bearish divergences and near supports. Traders above 60.5 keep long view for JPYINR future and expect higher levels. As Nikkei is falling again we may see strong yen in international market and hence upside for JPYINR future.
JPYINR weekly chart analysis
Yen rupee pair this week closed with gains. JPYINR is near bullish breakout on weekly chart and hovering near its 12 and 24 month averages. Still trading below them but as momentum is building and yen is strengthening up internationally we may expect breakout to happen in next 1-2 weeks period.
On weekly chart, JPYINR major support zones are 59 and then 56 while on upside 61.5 and then 64 are strong resistances. All these levels will valid for weekly closing basis only. JPYINR weekly chart indicators are off the lows and forming bullish divergences suggesting upcoming rally here.
Swing traders and investors keep long view for JPYINR and above 59 keep buy on dips view. Keep first target at 64.