Bearish divergence at peak and price rejection at multiple levels ,,breaking channel would be a gud sign ,gud to short if hourly candle closes below channel line in next 1-2 trading sessions.
JPYINR was taking a Support at 50-EMA through this rally that began In January, On Friday the pair closed below 50-EMA which is the sign that it is ready to give up some of it's gain & may fall back to is's support around 0.59
JPYINR is in strong uptrend in daily charts. Buy only above 0.620 with Stop-loss of 0.590 and Target 1 at 0.636, Target2 at 0.657 and Target 3 at 0.69
This analysis is posted on special request. Any trading done has to be considered only after taking advise from Financial Advisor.
Close below 1.6950 would confirm the pattern with 1.6170 as target and 1.7730 as stop. Global tensions might further increase the demand for Yen and pull the pair down with ease.
JPY INR open at 57.57 spot 57.48, no trade zone between 57.48-57.28, overall trend is in down side as market breaks 57.28, expected to test 56.80, resistance 57.62-64
