Mtechtips MCX-SX JPYINR INTRADAY trading analysis 22-07-2016

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 22-07-2016
MTECHTIPS Yen traded little changed Wednesday as investors await the crucial European Central Bank policy meeting this week.Also, weighing on sentiment was the International Monetary Fund’s cut to its global growth forecasts for the next two years due to uncertainty over Britain’s looming exit from the European Union.JPYINR extended its recent bearish trend and settled with loss of 0.27% at 63.1775 levels. On the EOD chart, JPYINR trading on verge of its short term support (63.05) and pair would need to trade below this level in order to test next support 62.50-62.10. Failure of the break down only could result pullback towards 63.55-63.75 again.
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