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Mtechtips MCX-SX JPYINR INTRADAY trading analysis 19-10-2016

Tuesday, October 18, 2016 23:04
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Mtechtips MCX-SX JPYINR INTRADAY trading analysis 19-10-2016

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MTECHTIPS Yen neutral as investors’ moved away from safe-haven assets to riskier assets after lacklustre US economic data cooled expectations of a near time Federal Reserve tightening.Yen slumped against the greenback on lower safe-haven appeal as investors moved to riskier assets after the release of disappointing US economic data led traders gauge Fed’s rate hike decision.Meanwhile, Japanese benchmark indices traded higher tracking higher Asian markets as weak economic data from the US induced traders to dial back hopes that the Federal Reserve will increase interest rates this year.JPYINR traded neutral to downside and settled at 64.2475 compare to previous close of 64.3175. A failure of the trend reversal candle stick is again creating probability for bearishness in JPYINR, and sell could expect around 64.35-64.40 Target 64.00. Stop loss above 64.50.On the upside, pair would need to trade above 64.50 in order to test 64.80-65.00.

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