Yen rupee Currency futures technical analysis for 19 to 23 November 2018.
YEN INR Future Daily Chart Technical Analysis
Yen rupee future of November expiry on Friday closed at 63.62 with gain. On daily chart Yen rupee future price trend and momentum both are very bearish. Yen rupee future is trading around 100 day’s average support level of 63.6. On upside 63.8 and 64.45 are 5 and 20 days averages resistances respectively.
Yen rupee future hit November bearish swing target of 64.25 and then heading towards 62.9 level. Now look given fresh breakdown below 64.25 and heading towards 62.9.
Yen rupee daily chart stochastics is bearish and in oversold zones but with bearish signals. Yen rupee daily chart MACD is below zero with early bottomed out signals.
For month of November, Yen rupee future below 65.5 was remain sell on rise and on downside technical target zones were around 64.25 and then 62.9. Out of which 64.25 is done and we saw low of 63.34 low this week.
But Yen rupee future if slips below 62.9 & sustain then expect super bearish trend for this forex cross and Yen might fall up to 61.7 to 60.25 rupee on fresh strong selling.
Yen rupee future weekly chart technical analysis
Yen rupee future on weekly chart showing losses for this week. In last 3 weeks Yen corrected from 66 to almost 63 means almost 3 rupee fall or 7% retracement from record highs. On weekly chart, Yen rupee future is in corrective mode and trading below 5 & 20 week’s averages which are around 63.75 & 64.3 and heading lower towards 50 weeks average which is at 62.15 suggesting strong correction due to profit booking in Yen.
From medium to long term view, Yen rupee future achieved 2018’s all bullish and super bullish buy targets of 59.5 and then 62.1 and then 63.65 and lastly 66.3, now correcting towards them. Below 63.65 expect deeper correction towards major long term support of 62.15 & 59.5 rupees. But if goes above 63.65 then bullish trend continuation and levels of 66 and above.
Yen rupee future Weekly chart, stochastics indicator is around 39 with bearish crossovers and with sell signal. Weekly chart MACD is below zero and given sell signal around 66.
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