JPYINR weekly tips 12 to 16 May 2014
JPYINR daily chart technical analysis
JPYINR pair on last trading session closed at 58.84 with loss. On daily chart, yen is downtrend against rupee. Prices are trading below major averages and with bearish indicators patterns. On upside expect strong resistances at 59.4, which is 3-month average level and then 60 rupees. While on downside, 58.5 and 57.5 are strong support zones. Daily chart indicators patterns are bearish.
Traders below 59.4 keep sell on rise view and expect downside targets in next week.
JPYINR weekly chart technical analysis
JPYINR pair this week closed with gain. On weekly chart price, trend and momentum both are down. Yen is trading below medium to long term averages with bearish indicators patterns. On upside 59.85 is 6 month average level and first resistance and then 60.45 is 12 month average and next resistance level. On downside, 58 and 56 rupees are strong support zones. Weekly chart indicators patterns are mixed suggesting range bound and consolidating.
Investors below 60.5 keep bearish view on yen and expect continues weakness ahead.