This Week JPYINR - Outlook : 18.11.2019
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* After a long consolidation for last few weeks, JPYINR pair finally witnessed good amount of bounce during previous week after opening at 65.47 and surged till the high of 66.52 and finally settled at 66.17.
* The pair has precisely rebounded from the key down ward slanting trend line support and gave positive break out by penetrating the falling wedge pattern. Hence, going forward a fresh rally is likely to extend the pair till 68.00 and higher.
* The momentum indicator RSI has moved up till 55 mark and stochastic indicator is still on the bearish note and heading toward the oversold zone.
* Thus for the week, we expect JPYINR pair will continue its fresh positive rally till 67.30 then 68.00 and hence we recommend buying around 66.00 levels with stop loss placed at 65.00 mark.
* The pair has precisely rebounded from the key down ward slanting trend line support and gave positive break out by penetrating the falling wedge pattern. Hence, going forward a fresh rally is likely to extend the pair till 68.00 and higher.
* The momentum indicator RSI has moved up till 55 mark and stochastic indicator is still on the bearish note and heading toward the oversold zone.
* Thus for the week, we expect JPYINR pair will continue its fresh positive rally till 67.30 then 68.00 and hence we recommend buying around 66.00 levels with stop loss placed at 65.00 mark.