October 28, 2016

MTECHTIPS Yen traded little changed as investors await labor market data from the world’s largest economy that will provide cues regarding possible timing for the Federal Reserve’s next policy meeting.JPYINR extended its recent bearish trend and settled down by 0.34% at 64.8125 levels. A breakdown of rising channel pattern on the EOD chart is yet indicating for bearishness in JPYINR and pair may test 64.00-63.65 very soon. Hence, one can sell around 64.75-64.80 with stop loss above 64.95.On the upside, strong resistance is seen at 65.85-66.10.


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