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 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.
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 1D VIEW, FX_IDC:JPYINR
LONG VIEW, JPYINR almost retraced till 61.8% Fibo level.
We are still in the 5 wave structure, which subdivides 5 waves inside.
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.
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