Mtechtips MCX-SX JPYINR INTRADAY trading analysis 17-10-2016
MTECHTIPS Sell below 64.00 Target 63.40-63.00. Stop loss above 64.35
Japanese Yen plunged towards 64.01 against the Rupee as safe-haven bets for the Japanese safe-haven eased after China’s inflation data reported a better than expected numbers, that lowered fears of slowdown in China. Consumer prices in China inched up 1.9% on year in the month of September, reported the National Bureau of Statistics on Friday. However, economists had expected a 1.6% rise. On monthly basis, China’s consumer prices gained 0.7% after gaining 0.1% in August. Technically, On the weekly chart, JPYINR found to break it’s near term triangle pattern which is indicating for decent fall is waiting in days to come. However, there is massive support at 64.00 and valid plunge could expect below this levels. On the upside, strong resistance is seen at 65.30 sustain trade above only will expect to test 66.10-66.65.