Mtechtips MCX-SX JPYINR INTRADAY trading analysis 20-06-2016
MTECHTIPS Buy on dip around 63.40-63.50 Target 63.80-64.80. Stop loss below 62.95. (Today high 64.79) Japanese yen jump more than 2.85%, its biggest weekly gain since 24 April 2016, and after breaching its previous swing high 63.10 tested 64.95 levels. The Bank of Japan kept its monetary policy unchanged against expectations of further stimulus to the world’s third largest economy was lifted more than 2.2% single day gain. Adding to this, the Federal Reserve also kept its interest rate unchanged. And fear of UK’s exit from the European Union in a referendum set for Jun 23 also supported the rise of Japanese currency. Technically, sell strategy given around 62.8 was not imitated, as JPYINR remained above 63.10 in entire week and it hit predicted levels 63.55-64.00. A long bullish candle stick formation on weekly chart along is yet indicating for bullishness in JPYINR, and any towards 63.40-63.50 could attract near term buying activities.