Mtechtips MCX-SX JPYINR INTRADAY trading analysis 26-07-2016
MTECHTIPS The yen gained on Tuesday in Asia as investors held cautious ahead of the latest Fed review of interest rates on Wednesday. In Japan, the corporate services price index rose 0.2%, better than the 0.1% gain seen. Also, the Bank of Japan’s monetary policy meeting decision is due Friday and the hopes of further stimulus measures from the BOJ are fading away.JPYINR traded in between 63.35-63.46 and settled at 63.39 levels. On the EOD chart prices struggling to break below 63.30 levels which coincide with 261.8% Fibonacci Retracement which is indicating for short term upside move in JPYINR towards 64.80-65.25. On the downside, pair would need to trade below 63.25 in order to test 62.50-62.00.