Mtechtips MCX-SX JPYINR INTRADAY trading analysis 05-06-2017

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 05-06-2017
MTECHTIPS:- Yen rupee future in month of May closed at 58.51 with stronggains. After last 3 month continues weakness yen seen some value buying as wellas short covering from oversold zones. This month yen rupee future recorded lowat 56.5 while high was around 59. Total 2.5 rupee or 4.5% range and closingalmost near month high.For month of June 2017, jpy inr future outlook remain bullishabove 57.95 support level on daily closing basis. On upside my bullish swingtargets for June series are 59.45 and then 60.4.While below 57.95, expect weakness to continue and lowerlevels up to 57 and then 55.55. This month expect wide swings and range for yenrupee future on news flows.Currency traders above 57.95 keep buy on dips view andexpect 59.45 and then 60.5 levels as target zones for this series. From long term view, yen rupee future opened bearish and hitlow around 56.5 and now recovering towards major 2017 resistance level of 61rupee which can be expect in next 1-2 months. Jpy inr weekly chart suggesting Bull Run for 2017 and tgts of 61 and then 66.4 for this year.
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