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Mtechtips MCX-SX JPYINR INTRADAY trading analysis 20-08-2015

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 20-08-2015

Mtechtips Yen traded flat Wednesday as disappointing Japanese trade balance data offset safe-haven demand for yen following the rout in Chinese stocks.Japan July trade deficit widened to Yen 268.1 billion, the fourth straight month of shortfall after exports rose barely 7.6% on year in July, the Ministry of Finance said Wednesday. Market consensus was for a deficit of yen 70 billion for July.After hitting a high of 52.76 JPYINR saw a pull down towards 52.42 and settled at 52.5750 almost flat. Today, Bank of Japan press conference after monthly policy will decide the JPYINR trend. Further strong resistance level is seen at 52.85 only a break above could bring positive move towards 53.10-53.40 levels again Traders may go short around 52.70-52.65. Target 52.50-52.30. Stop loss 52.85.

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