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 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...
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.
The Chart pattern shows the bullish trend in JPYINR with some corrections and if it is cross the level of C then it will go to 70.0000 or above it and the stop loss of this trend is level B (66.8240) and wait for some correction to set your position.
JPYINR 0.66893 has formed head and shoulder pattern before consolidating in a rising Chanel. During this week It is likely to give a breakdown from the Chanel.
The target of the pattern would be 0.6653, about 40 paise below current price. It will not be valid above 0.6711 about 20 paise above the current level. Risk:Reward= 1:2
Disclaimer: This is not a...