Bullish Bat In JPYINRBullish Bat In JPYINR
Buy PRZ - 0.56440/0.56738
SL - 0.55456
Target - 0.59149/0.60
JPYINR
Rising Wedge in JPYINRJapanese Yen to Indian Rupee pair (JPYINR) has been forming rising wedge for some time on the Daily time frame. This is also supported by fall in momentum as shown in the RSI.
The pair has rejected bulls for last few days. Conditions look ripe for a fall in price toward wedge target zone of 0.6140 on the JPYINR spot pair. SL may be kept above Friday high, around 0.64.
JPYINR - completing a ending diagonal- Upside Bias is highThe JPYINR pair has just broken out of a downside wedge (classical charting). Wave counts indicate a complete ending diagonal (Elliotwave
count) with all subwaves visible. Moves following the completion of diagonals are fast and we can expect a quick move to the 60.00 - 61.00 as an initial target subject to the recent low of 54.63 holding
Head & Shoulders Bottom in JPYINR 4HJPYINR currency spot pair has formed a head and shoulders bottom on the 4H time frame. The price broke out of the resistance line today. It would make sense go long on a retracement back to the trendline for a measured move target of 0.60 on the spot pair.
JPYINR - FOR BUYBreak of downtrend channel
Break of previous resistance area
Area of resistance may act as a support now
Risk to reward excellent
JPYINR at crucial price pointJPYINR 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.
H&S on JPYINR 4H ChartJPYINR is completing double Head & Shoulders pattern on the 4H chart. Break of this baseline would be highly bearish for the currency pair. Otherwise, if this line is held, we can see strong bullish action as well.
Good time to wait and watch and take a trade when either side seems strong.
BUY JPYINR CONFLUENCE SETUPJPYINR 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.
JPYINRJPYINR pair is on the verge of the Symmetrical Triangle break out. Break above the resistance line can take the pair towards 72.5-73. Respect of the resistance can make the pair move downwards.
Jpyinr 4h. After a pullback to 71then drop bellow today's low to 68.50 noted.
Reasons:
1. Rsi divergence
2. Price closing lower low
3. Price following a downward slope parallel channel
4. There's a 50 and 618% retracement at 70.80
JPYINR 4H. looking clean for a short setupJPYINR 4H. looking clean for a short setup.
Reason:
1. I'm already in.
JPYINR Short setupEverything important is mentioned on the chart. Thank you.
Also thank you a lot for your love and support in the previous idea -
Regards,
Kalpana
JPYINR 4h time frame, Target 67 and 65 April month expiry.JPYINR rolling in a falling trend channel and created a small H&S in the 4h time frame.
Target 67 and 65 till April month expiry.
Reasons:
1. JPYINR rolling through a falling trend channel.
2. Price created a small H&S in the 4h time frame.
3. Indian Equity market doing nice recently.
JPYINR Currency Trend Analysis & Trade Setup !!TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
You can Comment and ask the TREND ANALYSIS of any STOCK/SCRIPT/INDEX/FOREX.
Wait for entry setup, if available then Long/short.
R:R is 8 to 12 times.
JPYINR 4h time frame. thought process.JPYINR 4h time frame. channel toped. wait for a consolidation pattern to form. chances are that it will retrace 50% 61.8% fib level after a huge move. it might happen that if it create bull flag and channel brokeout too. that's why we have two conviction looking 4h rsi is at extremily overbought zone.
