yen rupee weekly report 5-9 May 2014

yen rupee weekly report 5-9 May 2014

yen rupee daily chart technical analysis

Yen rupee spot on last trading session closed at 58.82 with gain. On daily chart JPYINR, pair price trend and momentum both are down. On daily chart, JPYINR is trading below short term averages with bearish divergences on indicators. On downside 58.6 and then 57.5 are strong support zones of previous swing lows while on upside 59.05 is 1 month average and first resistance and above it 59.45 is 3 month average and next resistance level. On indicators, RSI is 45 and heading towards 30 with bearish divergence and CCI is -26 and heading towards -100 levels with bearish divergence.

Traders below 59.5 keep sell on rise view for targets 58.6 and then 57.5 in next week. If Nikkei drop below 13,800 then we may see reversal in yen so stay short but with strict stop loss.

yen rupee weekly chart technical analysis

Yen rupee spot this week closed in red. This week JPYINR hit high at 59.44 while low was at 58.43. Total 1-rupee range or almost 2% range and closed with loss. Weekly chart price trend and momentum both are down. Yen is trading below major averages with bearish divergences on indicators. From medium to long-term view, JPYINR has support at 58 and 56 rupees while on upside 60 is 6 month average and first resistance and above it 60.5 is 12 month average and next major resistance.

Investors below 60.5 keep sell on rise view for yen and expect targets of 58 and then 56.

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Updated: 04/05/2014 — 10:14 PM

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Pramod Baviskar

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