Mtechtips MCX-SX JPYINR INTRADAY trading analysis 05-08-2016

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 05-08-2016
MTECHTIPS Yen retraced 0.22% on Thursday on comments from the Bank of Japan Governor, Kikuo Iwata. Bank of Japan Deputy Governor Kikuo Iwata said Thursday that a comprehensive review of the central bank’s monetary policy next month would focus on the transmission mechanism and obstacles to its monetary policy while reiterating BOJ’s readiness to ease policy again if neededJPYINR failed to break 66.60 its immediate resistance and retraced towards 66.06 levels. Intraday price action resulted in formation of bearish harami candle stick which is indicating for bearish trend reversal in JPYINR. Further, next bullish move is expect to come above 66.60 and pair may test 67.00-67.25.Sell around 66.35-66.45 Target 66.00-65.80. Stop loss above 66.60
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