yen to rupee forecast for next week 3 to 7 jun 2013

yen to rupee daily chart technical analysis

yen to rupee spot pair last closed at 56.27 with gains.on daily chart now yen with bullish breakout at 55.9 turned bullish against rupee from short term view.all short term averages now on downside as supports.

on chart 55.9 is 3month average and major support level below that 55.6 is week average and 54.8 is month average for yen to rupee.on upside 57.5-58.5 and 59 are major supply zones on chart for now.

on indicators side,yen to rupee daily chart cci looks some what overbought but rsi still strong with bullish divergence.

yen to rupee weekly chart technical analysis

yen to rupee this week closed with gains and this was best second week closing for yen.after last weeks reversal move we seen follow buying in yen in this week.in 2 weeks from 53 to almost 57 level.

on weekly chart yen to rupee trend is down but momentum clearly on recovery side.momentum indicators forming bullish divergences on chart and supporting buying here.on upside 58 is 6 month average while 61 is 12 and 24 month average resistance level.

yen to rupee forecast for next week 3 to 7 jun 2013

for next week,above 55.8 hold buy on dips view and expect 57 to 58 levels as short term targets.as cci near overbought zone expect some consolidation near 55.8.

from medium to long term view,58 will be first technical bounce back rally target.if close above it then possibly may be heads towards 61 for long term bullish breakout.as yen getting strength against dollar for now one can expect 61 levels in medium terms.

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Pramod Baviskar

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