Mtechtips MCX-SX JPYINR INTRADAY trading analysis 08-08-2016
MTECHTIPS Sell around 66.00-66.10 Target 65.50-65.10. Stop loss above 66.35.JPY-INR continued its recent upwards trend for second consecutive week and settled with a gain of 1.76%. However, currency pair retraced from the weekly high 66.5650 and settled at 66.2750 levels as Japan’s fiscal stimulus package failed to provide satisfying solution to the perpetual deflation problem. 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 66.00 and pair would need to trade below this level in order to test 65.50-65.00.