Yen rupee future Jan. 2017 forecast

Yen rupee future Jan. 2017 forecast

Jpy inr future recovering towards 58.95 and 60.6

Yen rupee future this week closed at 58.36 with loss. Jpy inr future price trend is down and after hitting low near 57.5, yen saw some value buying on lower levels.   Yen rupee daily chart, price trend is bearish but momentum and round bottom price pattern suggesting upside for yen and recovery rally will continue ahead. On upside 58.95 is major hurdle for jpyinr future. If it cross this level on daily closing basis then that will be trend change signal for yen and January swing targets will be 60.6 and then 62.7. But fails to cross 58.95 then downtrend will resume and positional currency traders can expect downside up to 56.8 and below in January 2017.   Jpy inr weekly chart showing downtrend and bounce back move but outlook still negative and yen might show 55 to 52 rupee levels in longer terms. On upside 60.7 is major long term hurdle for yen.

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Pramod Baviskar

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