Mtechtips MCX-SX JPYINR INTRADAY trading analysis 22-08-2016
MTECHTIPS Buy above 67.10 Target 67.40-67.75. Stop loss below 66.90 Japanese yen extended its recent bullish trend for second consecutive week and after breaching its highest level since Jul 8 settled at 67.03 levels compare to previous week close of 65.4425 as investors’ appetite for dollar buying remained low in the wake of dismal US retail sales data. Meanwhile, dollar index traded breached its lowest level after the FOMC meeting minutes also supported in upside move. Technically, near term trend expect to remain bullish following to failure of bearish harami candle stick pattern that was appear in last week. Adding to this, pair still trading above its previous swing trend line which also supporting for the bullish trend in the JPYINR.