Yen Rupee daily chart analysis
Yen Rupee pair on last trading session closed at 60.8 with loss. On daily chart yen, once again losing out momentum and heading towards bottom hence pair showing correction. However, yen is still trading above its month and 3-month average but significantly off the highs.
For next week, JPYINR support zones are 60.5 and 59.8 while on upside previous tops of 61.5 and 62.3 are strong resistances and supply zones. JPYINR daily chart indicators are with bearish divergences and trending lower suggesting correction may turn into downtrend. JPYINR next week outlook is bearish as recovering Japanese market set yen weaker and hence JPYINR future may show previous lows.
Yen Rupee weekly chart analysis
Yen Rupee pair this week closed in red with loss. On weekly chart, JPYINR is showing reversal from its 2 years average that is very bearish sign and suggesting downtrend for yen is resuming. This week JPYINR hit high at 62.25 while low was at 60.71. Total 1.6 rupee or 2% weekly range and closing with loss.
From medium term view, JPYINR resistance levels are 61.2 and 62 while on downside expect some support at 59 and 57 levels. All these levels are important on weekly closing basis. JPYINR weekly chart indicators are still bullish.
From investors and swing traders point of view, here is shorting opportunity with strict stop loss above 62 for targets 59 and 57.