Mtechtips MCX-SX JPYINR INTRADAY trading analysis 18-05-2016

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 18-05-2016
MTECHTIPS:- Japanese yen traded down against Rupee and Dollar on Tuesday as risk appetite increased after crude oil prices surged in the Asian trades. The G7 meeting could discuss issues ranging from currency and fiscal policies of the group of advanced economies.After hitting a low of 61.00, JPYINR turned neutral and settled at 61.2125, down by 0.49%. Intraday price action resulted in formation of Hammer candle stick which is indicating for bearish trend reversal.Further, JPYINR would need to trade below 60.90 in order to test 60.70-60.50 and below
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