yen rupee march 2016 technical analysis report

jpy inr march 2016 technical analysis report

JPY INR future technical analysis report for march 2016

Jpy inr future in month march opened in red and continue to loose on weaker yen and stronger rupee. After last 3 months sharp run prices are now correcting on sharp profit booking. In last 3 month yen rallied from low of 54 to almost 62 levels. Almost 8 rupee or 15% move in very short time.   On monthly chart, major average are in 56-57 zone so expect deep correction from here. Yen might test them before move higher.   For month of March 2016, yen rupee future major support if 59.4 and it I heading towards it. Below it expect bearish sentiment while above it bull remain in charge. Below 59.4 yen will show downside up to 57.5 and then in extreme situation 54 which is starting point of this rally can be possible.   On upside 63 and 65 are resistances as well a target zones for month of March if yen gives reversal from corrective phase. Large range in month of March suggesting higher volatility and hard to trade situation for traders.

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