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JPYINR : Buy above 57.08

Way2wealth | 02 Jan, 2018  | Follow Author | Add to my Favourites 
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On Monday, USDINR pair extended its loss and tumbled till  the  low  of  63.82  by  breaching  the  immediate support  of  63.98.  Now  the  pair  is  likely  to  extend  the fall  further  till  the  previous  low  of  63.74  levels  and advice selling around 63.96 for today’s session.


On  Monday,  EURINR  pair  remained  on  flat  note  and moved in the narrow range of 76.75 - 76.90 and finally ended  at  76.81.  The  pair  has  penetrated  the  trend line resistance and has settled above that. Ahead, pair could  extend  its  gain  till  61.8%  retracement  level  of 77.10  and  77.30  levels.  For  the  day,  the  supports  are seen  at  76.70  then  76.35  levels  hold  as  an  immediate support.

GBPINR  pair  opened  marginally  higher  at  86.61  and from  there  it  slipped  down  till  the  low  of  86.45  and settled  at  86.53.  The  pair  is  moving  along  with  the trend  line  resistance  and  as  long  as  it  holds  below  at the  pressure  will  continue  to  remain  downward.

Currently,  the  pair  has  come  up  till  resistance  level and  we  could  see  pair  retracing  till  the  supports  of 86.00  then  85.60  levels  in  coming  sessions.  Therefore we recommend selling around 86.60 with stop at 86.90

After opening at 56.92 JPYINR pair made high of 57.47 but  the  pair  failed  to  sustain  and  finally  ended  at 56.96.  Pair  has  just  penetrated  the  down  ward slanting  trend  line,  ahead  it  manage  to  hold  above that on convincing basis then pull back can be seen till 57.80  levels  in  short  term.  Therefore,  we  recommend buying above 57.08 for above mentioned targets.
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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.