vipulmehta817

JPYINR at crucial price point

FX_IDC:JPYINR   JAPANESE YEN / INDIAN RUPEE
JPYINR is resting at 200 week moving average (200WMA) on the weekly chart. The overall price action is bearish as the pair has been on a continuous downtrend since Nov'20. Will be interesting to see how the price behaves at this level.
Bullish forces can take the price upward as 200WMA can be a good support while bearish forces can take the pair further down toward 0.64 Fib levels.
A good trade can develop on either side in coming weeks.