Mtechtips MCX-SX JPYINR INTRADAY trading analysis 11-05-2016

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 11-05-2016
MTECHTIPS:- Yen traded at near two-low on Tuesday after Japanese Finance Minister Taro Aso reiterated his concerns about the strengthening of the yen and gave strong hints of intervention in the foreign exchange market to curtail the rise of Japanese yen.JPYINR continued its fall for second consecutive day, and retraced more than 0.60% from its previous close of 61.73.00. Near term trend is looking bearish following to a long bearish candle stick on EOD chart. Further, there is strong resistance of 61.95 and JPYINR would need to trade above this level in order to test 62.50-63.00
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