Yen-rupee 2017-remain weak below 61 tgts 53-48

Jpy inr future 2017 yearly technical analysis

Jpy inr future 2017 yearly technical analysis

Yen rupee future this week closed at 59.64 with gain. This was forth gaining week for yen. In these 4 weeks yen recovered from low of 57.5 to high of 60.4. Total 3 rupee or almost 6% recovery for yen from bottom.   Yen technically as well as fundamentally looks weak to me in 2017. Current recovery move is heading towards 61 rupee level on bullish momentum but trend is still down. For 2017, jpyinr future below 61 rupee remain weak and sell on rise. On downside 53 and then 48 are my long term target zones for this pair. Jpy inr future weekly chart indicators are bearish and oversold while price patterns are bullish and suggesting upside.   If yen rupee future continue to recover and gives breakout above 61 rupee on strong price action and with volumes then that will be long term trend change signal and in that case my targets will be reversed to upside at 66.4 and then 74.4.

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