Mtechtips MCX-SX JPYINR INTRADAY trading analysis 02-08-2016
MTECHTIPS JPY-INR August Future Buy above 65.60 Target 65.85-66.00.Stop loss below 65.45. The currency pair traded down after the UK manufacturing activity deteriorated at a sharper rate in the month of July compared to the reading in June. JPYINR continued its bullish trend and settled with a gain of 0.59% at 65.51. A long bullish candle stick formation on EOD chart is indicating for bullishness in the pair. Massive resistance is seen at 65.60 and breaks above expect to test 66.00-66.30, else any dip towards 65.20-65.00 could give short term buy opportunity.