#JPYINR Chart Analysis and Path Ahead
#JPYINR Chart Analysis and Path Ahead : Please have a look at #JPYINR weekly chart and its structure on weekly time frame.
#JPYINR has taken support around 55 zone as it was double bottom and bounced from 55 to 59 zone so far in current uptrend. In previous article we have mentioned #JPYINR up move when it made double bottom around 55 zone and we expected bounce from there and #JPYINR bounced almost 400 paisa from mentioned zone
Please check the article for more details.
Link : https://fxcareers.com/new/blog_detail/jpyinr-daily-chart-analysis
#JPYINR Path Ahead : Now Upside 59.50-59.70 is horizontal resistance as we can see in the above chart and 59.50 zone is respected by the price twice by both buyers and sellers. First #JPYINR bounced from 55 to 64 zone and retraced back to 59.50 where buyers showed their interest and pushed price again towards 64 zone.
In second instance when #JPYINR broke 59.50 zone price again sharply came up to check the seller's power around 59.50 zone and came down to sub 55 levels in further decline, so this 59.50-59.70 zone is strong resistance for #JPYINR and we can also see downward sloping trendline which is confluence from horizontal resistance. So this 59.50-59.70 is a confluence of horizontal resistance and trendline resistance which makes it a strong sellers zone going forward.
Risk to reward ratio would be very favorable to short #JPYINR around these zones for lower levels like 55.
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