October 22, 2016

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 14-10-2016

MTECHTIPS Yen traded off ten-week high Thursday as investors moved to the Japanese safe-haven currency after dismal China trade data triggered fears of slowdown in the world’s second largest economy. Yen rebounded against the greenback after breaching its lowest level in ten-weeks as investors’ safe-haven appeal heightened after lesser than expected China’s exports data.After breaching the support 64.40, JPYINR tested 64.32 and settled at 64.66 with mild recovery. Intraday price action resulted in formation of hammer candle stick which is indicating for temporary recovery before any correction.On the downside, a break below 64.40 only could show correction towards 64.10-63.90. Stop loss above 64.60




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