Mtechtips MCX-SX JPYINR INTRADAY trading analysis 12-09-2016
MTECHTIPS Sell around 65.30-65.40 Target 64.80-64.50. Stop loss above 65.70.Sustain trade above 65.70 only will expect to test 66.20-66.80.JPYINR retraced from the weekly high 65.6925 and tested 65.11 before closing at 65.11. Yen traded down on Friday as appeal for safe haven assets raised after nuclear test by North Korea triggered risk aversion in the Asian markets. Also, European Central Bank’s decision on keeping the key interest rates steady also led stocks lower. The US Geological Survey detected a magnitude 5.3 earthquake near North Korea’s nuclear test site in the country’s northeast early on Friday, a reading that surpassed the magnitudes of tremors set off by the country’s previous nuclear tests. 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.On the other hand, strong resistance is seen at 65.70 sustain trade above only will expect to test 66.10-66.60.