JPYINR daily chart technical analysis
JPYINR spot on last trading session closed at 59.3 with loss. On daily chart, JPYINR closed below its 3-month average suggesting reversal and continuation of primary trend. From short-term view, 59.6 is 3-month average and strong resistance, below it traders keep bearish view for yen. Above it, 60.4 will be next strong resistance zone. On downside, 58.7 will be first support and 57.5 will be last support.
On indicators, CCI is +102 and with corrective pattern and RSI is at 52 and bullish.
Traders below 59.6 follow sell on rise view for targets 58.7 and below.
JPYINR weekly chart technical analysis
JPYINR spot this week closed with gain. This week yen rupee pair hit high at 59.8 while low was at 58.69. Total 1.2 rupee or 2% swing and closed with gain. On weekly chart yen is downtrend and consolidating in wide range of 57 to 59. Weekly chart indicators pattern is on recovery side. From medium to long-term view, JPYINR support zones are 58 and 56 rupees while on upside 60 rupee is first resistance zone and 6 month average. Above it 60.85 is 2 years average level and strong resistance.
Technically below 61 keep sell on rise view but fundamentally in this fragile environment yen is building base for long term bull run so use 56-58 zone for buying and accumulation. We may see 64-65 as first target zone here.