Cfa_Arvind

JPYINR forming bullish engulfing at double bottom

Long
FX_IDC:JPYINR   JAPANESE YEN / INDIAN RUPEE
JPYINR started falling after the formation of double top @ .7175 level. It is in downtrend forming lower high and lower low.

But If we analyze the current chart structure then we found double bottom chart pattern and bullish engulfing at second bottom. It is a good time for accumulation. If price sustain and go above 20 EMA then we can expect to touch or cross .675 level.

Above .675 we can see breakout of double bottom then our next target would be .6877

A very good opportunity to buy JPYINR at current level 0.667 and add on dip 0.665

Buy above 0.6680
Stop Loss below 0.6600
1st Target 0.6750
2nd Target 0.6877