jpyinr weekly forecast for 13 to 17 may 2013

jpyinr daily chart technical outlook

jpyinr spot pair closed at 53.9 with loss in last trading session.on daily chart yen is trending down to historic lows against rupee and momentum also now on sellers side after technical bounce back.

on daily chart 54.23 is yen rupee week average and first resistance on upside.54.9 is month average and 56.55 is 3 month average and last resistance from short term view.on downside we may see some psychological support around 53-52 zones.on indicators yen rupee month cci is –174 and heading towards previous lows while month rsi is 36 and continues sell signal.

 

jpyinr weekly chart technical outlook

yen rupee spot in this week closed with loss and continues bear market.this week jpy inr pair high at 55 while low was 53.62.total almost 1.5 rupee move and weaker yen.

on chart all major averages are in range of 59 to 62 and remain as strong resistances.on indicators 22 weeks cci s –118 and heading towards oversold zone while rsi is at 27 and in oversold condition.

jpyinr weekly forecast for 13 to 17 may 2013

for next week,below 54.9 hold sell on rise view and expect 53-52 as short to medium term targets.if close above 55 then may trigger short covering and technical bounce back rally.

from medium to long term view 52 is first target on downside if breaks on monthly closing then 48-45 zone will be next targets.on upside reversal in yen is expected above 59 on weekly closing basis.if yen fall to 108 to 125 level against dollar then expect 45-39 levels in here india against rupee if rupee fundamental improves.

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Pramod Baviskar

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