Mtechtips MCX-SX JPYINR INTRADAY trading analysis 01-08-2016
MTECHTIPS JPY-INR August Buy above 65.15 Target 65.80-66.40. Stop loss below 64.80 Japanese Yen witnessed more than 2% bullish move last week. It witnessed 1% single day gain after Bank of Japan’s decision was remained blow than the market expected. The bank of Japan increased purchases of exchange-traded funds marginally while maintaining the pace of asset purchase and base money target at 80 trillion yen or $775 billion. The decision was made by a 7-2 vote. BoJ also kept the interest it charges to a portion of excess reserves financial institutions park with the central bank at 0.1% which is considering as the main part of its monetary stimulus. Technically, weekly price action resulted in formation long bullish candle stick which is indicating for bullish trend in JPYINR. On the downside crucial support is seen at 63.30 and pair would need to trade below this level in order to test 62.65-62.00.