Mtechtips MCX-SX JPYINR INTRADAY trading analysis 16-08-2016
MTECHTIPS Buy on dip around 65.45-65.50 Target 65.80-66.20 Stop loss above 65.25.JPYINR stalled its recent bullish trend and retraced from the weekly high 66.20. Pair made a low 65.4425 before closing at 65.6725 levels. Buy strategy given around 66.25-66.30 was not initiated. Yen weakened against the greenback after the US Labor Department said on Friday non-farm payrolls increased 255,000 in July and upwardly revised June NFP data to 292,000 against the previous estimates of 287,000. Technically, weekly price action resulted in formation of bearish harami which is indicating for bullish trend reversal, but pair would need to trade below 65.25 which is coinciding with near term trend line support. Else, failure of the break down could result again pullback towards 66.20-66.50 in days to come.