Mtechtips MCX-SX JPYINR INTRADAY trading analysis 16-05-2016

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 16-05-2016
MTECHTIPS:- Yen extended its fall for second week on renewed speculation about the monetary policy easing in Japan and the U.S. will diverge further while greenback recovered more than over 2% in the last two days on verbal intervention by the Japanese policymakers.Bank of Japan’s Governor Haruhiko Kuroda on Thursday said that the central bank will take additional easing action to achieve its inflation target and including Finance Minister Taro Aso, reiterated this week that the government can intervene to stabilize foreign-exchange markets if necessary also weighed on sentiment. A formation evening doji star stick formation on weekly chart is indicating for bullish trend reversal in JPY-INR. Further, a break above 63.15 only could expect to show next bullish move towards 63.50-64.0.0.
Sell around 61.65-61.75 Targets 61.10-60.60. Stop loss above 61.95 (LTP: 61.47).

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