Yen rupee future this week closed at 57.93 with gain. This was first positive week for yen after last week’s sharp selloff. This week yen rupee hit high at 58.33 while week low was 57.28, total 1 rupee weekly range and positive closing due to weak rupee and safe haven buying in yen.
On weekly chart, yen is in downtrend but with recovery side momentum. Trading around 5 and 20 weeks average levels which are at 58.3 while on upside 58.95 is 50 weeks average and strong resistance level. Yen rupee weekly chart, RSI level is 46 with sell signal and MACD is negative with early topped out pattern.
Yen rupee future opened weak and then strong reversal rally given breakout above 58.3 and hit upside bullish swing target of 59.1 and then seen profit booking around those level and hit 58.3 and breakdown below 58.3 given swing low of 57.26 and hit September bearish target of 57.5 rupee and now again taken support at 57.5 and hit 58.3 recovery target on upside. Now closed below it and remain sell below 58.3 for downside targets 57.5 and 56.75 rupee levels.
From long term view, yen rupee future opened bearish in 2017 and Yen still weak from long term view below 60.9 rupee level. On downside 56.5 was first bearish target which got achieved below it next long term support as well as target will comes around 53. Then we saw bounce back towards 60.9 level and yen recorded recent high of 59.56 rupee. In last 7 months yen closed with losses in 5 months which reflect overall investor’s bearish sentiment towards yen. In august we saw high up to 59.56 rupee and low was 57.26 total 2.25 rupee range and trading with loss for this month.