Mtechtips MCX-SX JPYINR INTRADAY trading analysis 08-01-2016
Thursday, January 7, 2016 23:24
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Mtechtips MCX-SX JPYINR INTRADAY trading analysis 08-01-2016
Mtechtips Yen surged to over four-month high Thursday as investors sought safety of Yen after China’s central bank lowered the fixing rate for Yuan further to five-year low raising fears of global slowdown.JPYINR settled up by 0.64% at 57.0175, buy strategy given around 56.50 was successful and pair tested 57.0950 its intraday high. Near term trend is expect to remain bullish following to the global news, but JPYINR need to trade above 57.10 in order to test 57.35-57.50 next resistance, else short term correction will take place for the target 56.00 and below.
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