yen to rupee daily chart technical analysis
yen to rupee or jpyinr pair last closed at 66.88 with loss.on daily chart closed just below week average of 67.3.yen against rupee is in strong absolute uptrend and buying momentum is still there from short term view .
on downside 64.7 is yen rupee month average then comes 61.8 which is jpy/inr 3 month average levels and last support from short term view.on upside 68 and 71 remain as top and major resistances for buyers.
on daily chart indicator,cci is +120 and significantly comes down from highs.rsi is at 61 and topped out.
yen to rupee weekly chart technical analysis
yen to rupee pair this week closed with gains at 66.88.this week yen high point was 70.81 while low point was 64.78.total 6 rupee or almost 10% bottom to top rally and closing with gains.here also we see high volatility.
in last 6 week we seen yen rallied from 59 to 71 which is 12 rupee or almost 20%+ gains in very short time shows how traders selling rupee!!
on chart all major average way down near 61 rupee levels.while on upside 68 and 72 are major long term supply zones on chart and significant on weekly closing basis.
on weekly chart,yen rupee indicators,cci is at +218 and with bullish divergence but overbought.rsi is at 62 and trending towards 80.
yen to rupee forecast for 2 to 6 sep 2013
yen to rupee pair for next week,may show correction and consolidation.below 68 traders can go short for correction rally upto 65-64.any closing above 68 will be reversal or resumption of uptrend and in that scenario targets remain at 72 and 75 in short to medium terms.
from medium to long term view,expect some pull back on downside on account of profit booking as correction.here 62-64 is strong support and may consolidate near it.on upside 68-72 and then 75 are target for yen in long term view.