Mtechtips MCX-SX JPYINR INTRADAY trading analysis 24-10-2016
MTECHTIPS Sell below 64.40 Target 64.00-63.65. Stop loss above 64.70JPYINR traded quite positive last week and pared initial losses on higher safe-haven bets post earthquake in Japan. Japan Meteorological Agency reported the earthquake had a magnitude of 6.6 with its epicenter in coastal Tottori prefecture at a depth of about 10 kilometres. However, dollar strengthened after Federal Reserve New York President William Dudley said he expects the US central bank to hike rates before the year-end was restricted some gain. Technically, On the weekly chart, on the weekly chart a formation of bearish harami cross pattern is indicting for bearishness in the pair. However, there is massive support at 64.40 and valid plunge could expect below this levels. On the upside, strong resistance is seen at 65.60 sustain trade above only will expect to test 66.10-66.65.