Yen rupee weekly outlook 2 to 6 June 2014

Yen rupee weekly outlook 2 to 6 June 2014

Yen rupee daily chart technical analysis

Yen rupee spot on last trading session closed at 58.12 with gains. On daily chart, yen is recovery from lows but still in downtrend. Now trading above week and month average and heading towards 3-month average with strong recovery pattern on indicators. From short-term view, Yen rupee will have support at 58 rupee then 57.2 rupees in which 58 rupee is its 1-month average level and on upside 58.8 is 3-month average and major short-term resistance and above it, 59.6 will be next major resistance of previous swing top.

Short-term traders here keep long view with strict stop loss below 57.2 and expect target of 59 rupee in next week.

Yen rupee weekly chart technical analysis

Yen rupee spot this week closed with gains. This week yen hit low was at 57.27 while high was at 58.2. Total 90-paisa weekly range or 1.5% volatility for pair and closed with gain. Yen rupee weekly chart price trend is down but momentum is on recovery side as indicators once again hit oversold zone. From medium to long-term view, 59.4 is first resistance of 6-month average and then 60.15 will be strong resistance of its 1 2month average while on downside 58 and 56 rupees are strong supports of previous swing lows. Indicators are off the lows from oversold which is suggests upcoming short covering rally. Long-term investors above 54 rupee use major correction to buy and accumulate with price targets 60 rupee and then 64 rupees.

The Author

Pramod Baviskar

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