February 20, 2017

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 26-08-2016

MTECHTIPS Yen traded little change Thursday ahead of the two-day Federal Reserve economic symposium at Jackson Hole, Wyoming, wherein Chairperson Janet Yellen is expected to throw more light on the Fed’s interest rate stance.Since 19 August 2016, JPYINR struggling to break its massive resistance 67.10 and retraced towards yesterday low 66.68.  On the EOD chart a similar resistance candle stick is creating probability for the bullish trend reversal in JPYINR. However, pair yet trading above its medium term trend line support which is creating probability for the upside move towards 67.50-67.75, pair would need to trade above 67.10 in order to test these levels.Sell on rise around 66.85-66.90 Target 66.40-66.00. Stop loss above 67.10. WWW.MTECHTIPS.COM




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