Mtechtips MCX-SX JPYINR INTRADAY trading analysis 06-09-2016
MTECHTIPS Sell below 64.80 Target 64.20-63.90. Stop loss above 65.10Japanese Yen remains in a strong sell and plunged 3.30% last week, settled at 64.8323 as dollar continued its surge against major currencies to trade at over two-week high on fears Federal Reserve may hike its interest rates soon. The strength of the US dollar and the move away from safe haven is helping the yen to dip a bit. As was expected pair drop below than predicted level of 66.20. a double drop pattern on the weekly chart is yet indicating for bearishness in the pair and it may test 63.50-62.80 very soon.