JPYINR weekly forecast report
JPYINR daily chart analysis
jpyinr spot pair on last trading session closed at 63.63 with loss.on daily chart yen is in absolute downtrend and look like entering new bear market.
on above chart,yen trading below all short term average against rupee.jpyinr weekly average is 64.1 and then 65.28 is monthly average level while 66.65 is 3 month average level.all these average now act as strong resistances for upcoming time.
on indicators side,yen daily cci level is –179 and deeply oversold state.yen daily rsi si 29 and oversold.technical bounce back is due but as momentum is very bearish upcoming time fall may continue.price may bounce back after consolidation only.
JPYINR weekly chart analysis
jpyinr this week closed with huge losses.almost 3.5% drop seen from high to low.on weekly chart yen trading near 2 years average level against rupee.
on upside 12 month average is 66.22 while 6 month average is 67.02.on downside 66.32 is last support and if breaks on weekly closing then lows of march 2012 which was 60 and low of jul 11 which was 56 are possible targets in long term.
on weekly chart,jpyinr cci level is –173 while rsi si 34.both are in oversold zone and reflect bearish mood of market for yen.next 1-2 weeks are important for yen.
against dollar also yen is almost 2 years low!!
JPYINR weekly outlook for 31 dec to 4 jan 2013
short term traders can stay short for targets of 63 and then 61 with stoploss above 64.1.while fresh short positions suggested on bounce back only as indicators are in oversold state.
medium to long term traders watch 63.3 on weekly closing basis if close below 63.3 on weekly basis and sustain there then expect 63 and 61 in medium term while 60 to 56 on loner term.any fundamental change and reversal from here will be jackpot opportunity for investment in yen.