Mtechtips MCX-SX JPYINR INTRADAY trading analysis 03-10-2016
MTECHTIPS Sell below 65.85 Targets 65.50-65.10. Stop loss above 67.05.
Yen depreciated more than 0.30% as appeal for dollar rose after the first US presidential debate increased bets for Hillary Clinton to be the next president of the world’s largest economy. The Japanese market, which climbed nearly 2% on Wednesday following the Bank of Japan’s (BOJ) decision to overhaul its monetary policy framework, is closed Thursday for a public holiday. Technically, on the weekly chart, JPYINR trading below its previous swing high while forming three rising candle stick pattern both of which creating probability for correction from every rise towards 66.20-66.40 levels.On the upside, strong resistance is seen at 67.20 sustain trade above only will expect to test 67.70-68.10.