yen rupee daily chart technical analysis
yen rupee spot pair last closed at 62.65 with gains in last trading session.on daily chart yen rupee trend and momentum both down.
on upside 62.9 is 3 month average and major short term resistance and below this traders must keep selling view for this pair and keep downside targets.above 62.9,63.2 is week average and 64.3 is month average and both also remain as strong resistances.on downside 62-60.8 and 59 are support levels as well as targets.
on indicators,yen rupee daily chart cci level is –127 and with bearish divergence.while rsi is at 47 and with sell signal.
yen rupee weekly chart technical analysis
yen rupee this week closed with loss.this was 3 rd week of losses for yen and in 3 weeks yen tumbled from 71 to 62.this week yen rupee pair made high near 65 while low was near 62.total 3 rupee week range and closed in red.
on downside 61 is all major long term average zone and important on weekly closing basis.if next 1-2 weeks hold this level then best opportunity for investors in yen rupee pair with price target 65-70 and below that fresh long term short position is suggested.
on indicators,yen rupee weekly chart shows cci at +73 and with bearish divergence while rsi is at 52 and heading toward support.
yen rupee forecast for 23 to 27 sep 2013
for next week,below 63 keep keep short open for target 61-59 in short terms.if close above 63 and holds then only think of buying in this pair.
from medium to long term view,yen rupee almost given 50% retracement of last bull run so now near major averages.here keep wait and watch trading strategy below 61 open long term shorts for target 59-56 while above that will be long term investment opportunity in yen.