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Mtechtips MCX-SX JPYINR INTRADAY trading analysis 13-10-2016

Wednesday, October 12, 2016 22:22
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Mtechtips MCX-SX JPYINR INTRADAY trading analysis 13-10-2016

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MTECHTIPS The yen reversed course and gained on Thursday in Asia after weaker than expected Chinese trade data and as the Fed minutes overnight appear to suggest a rate hike is highly possible before the end of the year.JPYINR retraced from the day high 65.00 and tested 64.49 levels before closing at 64.53 levels. A long bearish candle stick formation on the EOD chart is indicating for bearishness in the pair, but it would need to trade below previous swing low of 64.40, else failure of the breakdown could result recovery towards 65.00-65.50 levels.

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