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...
JPYINR 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.
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...
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.
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.
TREND ANALYSIS & TRADE SETUP
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Wait for Proper Entry Setup.
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Wait for entry setup, if available then Long/short.
R:R is 8 to 12 times.
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.