iamvaibhavkr

BUY JPYINR CONFLUENCE SETUP

Long
FX_IDC:JPYINR   JAPANESE YEN / INDIAN RUPEE
JPYINR is currently trading near a very strong support zone of 0.6980. The 100 days EMA , the golden fibonacci ratio of 61% and the trend line has supported the price on multiple occasions previously and now again the prices have come near the support zone . So if history is any guide, then we can expect an upmove from this level for the targets of 0.7145 which is also approx 78% fibonacci level and has acted as a major resistance previously.

As far as the SL is considered than, put it right below the support level i.e 0.6980, you can adjust it depending upon your risk appetite. However, i won't suggest you to do so. Also, it's a very good RR trade so make sure to grab it.