YEN INR Future Daily Chart Technical Analysis
Yen rupee future of December expiry on last trading session closed at 61.65 with loss. Yen rupee future is in absolute downtrend and trading below major averages with oversold state reflecting underlying bearishness of the market. Yen for month of December, will remain weak and sell below 63 rupee resistance and will head lower towards my targets of 60.4 to 59 rupees. Traders with short positions must trail stoploss around 62.4 and hold shorts for targets 60.4 and then possibly 59 rupees. Expect trend reversal for the month above 63 rupee only.
Yen rupee future weekly chart technical analysis
Yen rupee future on weekly chart showing losses for this week. This was fifth losing week for yen and in these 5 weeks yen tumbled from highs of almost 66 to almost low of 61, Means 5 rupee drop from the top. From medium to long term view, yen after hitting all bullish targets now is in correction phase and hit 63.65 target and heading towards long term support of 62.15 and 59.5 rupees.
Yen rupee future monthly chart technical analysis
Yen rupee future on monthly chart showing huge losses for November. In November, yen tumbled from highs of 65.76 to lows of 61.65. This week we saw yen broken 62.15 support and now will head for lower support of 59.5. Below 62.15 expect 59.5 to 58 rupee levels in medium to longer terms. Weekly closing above 62.15 means chances of uptrend continuation and much higher levels.
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