Mtechtips MCX-SX JPYINR INTRADAY trading analysis 05-10-2016
MTECHTIPS Yen extended losses against the dollar as investors’ risk appetite for riskier assets amid tracking appreciation in the dollar index after better than expected US manufacturing data. Asian shares rebounded with Japanese markets leading the way after an upbeat US manufacturing survey bolstered the US currency.JPYINR witnessed 1.24% biggest intraday fall since 22 Sep 2016, as per the sell strategy given below 65.75 was successful with pair drop towards 65.1175. A breakdown of rising channel pattern on the EOD chart is yet indicating for bearishness in JPYINR. On the upside, strong resistance is seen at 65.85-66.10.Sell below 65.00 Target 64.65-64.45. Stop loss above 65.20.