Mtechtips MCX-SX JPYINR INTRADAY trading analysis 12-05-2016

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 12-05-2016
MTECHTIPS:- Yen posted its biggest loss in nearly two weeks Wednesday against the dollar on profit booking in dollar after the greenback spiked over 2% in the last two days on verbal intervention by the Japanese policymakers, while remained neutral against Rupee. In n Japan, the adjusted current account for April came in at a surplus of ¥1.89 trillion, narrower than a surplus of ¥1.90 trillion seen. Of note, foreign investments in Japanese stocks fell ¥434.6 billion in April, while bond purchases by foreigners reached ¥270.3 billion. Also in Australia, MI inflation expectations edged down to 3.2% from 3.6%. JPYINR has stalled its recent bearish move and consolidated around 61.50 in entire day. However, near term trend is looking bearish following to a breakdown of crucial support 61.90. 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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