yen rupee daily chart technical analysis
yen to rupee spot pair last closed at 61.11 with gains.on daily chart yen is in absolute uptrend against rupee with strong recovery momentum.
on chart,jpyinr week average is 61 and trading just above it.remain as first support and below this expect correction on downside.on downside 58.6 is month average while 57.25 is 3 month average and last support on short term chart.
on daily chart,yen rupee rsi is at 70 and still with bullish divergence.while cci is +98 and off the highs.
yen rupee weekly chart technical analysis
yen rupee this week closed with flat gains as approaching long term resistances.on chart 61.1 is 2 years average and long term resistance while 60.65 is 12 month average and support on downside.58.6 is 6 month average and last support for yen in this recovery.
on weekly chart yen rupee rsi is at 51 with fresh breakout signal.while cci is +160 and trending towards overbought zone.
yen rupee forecast for 24 to 28 june 2013
for next week,above 61 level on closing basis hold long view for targets 62 and then 64.5.but below that expect correction and consolidation moves and may test downside averages to take supports.this was one side sharp rally so correction tends to be one sided and deeper so long traders must keep strict stoplosses in profitable positions.
for medium to long term view,must watch 61-62 zone on weekly closing basis,if hold above it then 66 will be first long term target and then 70.but reversal from this point will be fresh selling opportunity with 2-3 rupees downside targets in medium terms!!