Mtechtips MCX-SX JPYINR INTRADAY trading analysis 19-09-2016
MTECHTIPS Sell around 66.25-66.30 Target 65.40-65.00. Stop loss above 66.55 JPYINR rebounded from the weekly low of 64.93 and settled with a gain of 1.01% at 65.81 levels. It has volatile trading range on thin trading as many investors avoided making strong moves before the US Federal Open Market Committee meeting and Bank of Japan’s policy meeting, both scheduled from Sep 20-21.Some market participants expect the BOJ to push back additional easing steps, while making its government bond buying more flexible to steepen the yield curve. Others anticipate the central bank to launch fresh stimulus by pushing interest rates further into negative territory and increase asset purchases. on the weekly chart, JPYINR trading below its previous swing high while formed a high wave candle stick both of which creating probability for correction from every rise towards 66.20-66.40 levels. On the upside, strong resistance is seen at 67.20 sustain trade above only will expect to test 67.70-68.10. Further, any additional easing steps by Bank of Japan could bring decent fall in the pair.