Mtechtips MCX-SX JPYINR WEEKLY trading analysis 01-06-2015

Mtechtips MCX-SX JPYINR WEEKLY trading analysis 01-06-2015
Mtechtips yen rupee future on last trading session closed at 51.6 with loss. on daily chart, yen is in absolute downtrend with strong bearish momentum. weak yen once again below 51 rupee and this time might set fresh low near 50 to 48 rupee levels. nse yen rupee is trading way below its short term averages. 52.7 is 1 and 3 month average level and remain strong short term resistance. daily chart macd is below zero with bearish divergence. rsi is at 28 and trending down in oversold area. cci is –193 and down in oversold area. for next week, nse yen rupee is heading towards target of 50.9 and then possibly 50.1 on upside 52.3 is trailing stop loss for short sellers. Yen rupee this week closed with huge loss. this was third losing week for japanese yen on fresh short selling. this week nse yen rupee hit high around 52.42 while low was at 51.55. total almost 1 rupee range and closed with loss. in last 3 weeks, nse yen rupee lost almost 3.5 rupee or 6% plus on strong selling. yen rupee weekly chart, price trend and momentum both are strong bearish. and from medium to long term view, nse yen rupee heading towards targets of 51.3 and then 49.4.
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