Mtechtips MCX-SX JPYINR INTRADAY trading analysis 19-06-2017

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 19-06-2017
MTECHTIPS:- Yen witnessed 1.30% its biggest weekly fall since 11 Dec 2016 on profit-booking by investors taking advantage of the recent surge in dollar amid risk-aversion from Japanese stocks. Greenback continued its rally after Federal Governor Jerome Powell joined the chorus of a near-term monetary tightening and better than expected US economic data also added somewhat selling pressure. Technical, on the weekly chart, a closing below 23.8% Fibonacci Retracement of Aug- Dec 16 falls and formation of long bearish candle stick is yet indicating for weakness in the JPYINR. On the upside, strong resistance is seen at 60.40 and break above only will expect to test 60.75-61.00.
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