Japanese 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 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 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 moving in a Ascending Triangle Pattern, which is bullish continuation pattern with strong conviction. Above the Flat Horizontal Trend line breakout, price will move upside for the good TGT.
then 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 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 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.
