JPYINR Trade Setup
#JPY/INR Analysis and Path Ahead :
Today we will discuss the JPY/INR Pair and we will talk about the good shorting opportunity in the coming days.
As per the chart #JPY/INR maximum upside is around 59.50-59.80 zone. Downside is open around 56.50 and then 55 zones. The chart is suggesting short sell opportunity in JPY/INR and Long opportunity in USD/JPY. We will also discuss USD/JPY and its chart, as per the USDJPY chart it is showing bounce or up move in coming days.
#JPYINR Chart Analysis : As per the chart, JPY/INR short sell opportunity looks very decent in terms of Risk to Reward ratio where Risk is 80 to 100 Paisa and reward is 300 to 400 Paisa.
JPY/INR February Futures currently trading 80 Paisa premium to spot. First of all we have a short view in JPY/INR and on top of that we are getting 80 Paisa premium in the February futures. Both together give us a deadly combination to approach this short setup with very low risk.
Now we will discuss how #USD/JPY is correlated to #JPY/INR :
#USDJPY : #USDINR / #JPYINR
USD/INR Current Value : 83.25
USD/JPY Currency Value : 142.50
If we divide USD/INR value to JPY/INR value we get USD/JPY or we can say USD/JPY is inversely proportional to JPY/INR and both trades in opposite direction which means if USD/JPY goes up then JPY/INR goes down and vice versa.
Even if USD/INR stays here around 83.25 and USD/JPY comes to 138, then only JPY/INR can go up to 60. It also means for JPY/INR to move up to 60 it's USD/JPY which needs to break hard towards the 137-138 zone. 152 to 138 would be a massive downfall in USD/JPY and it can retrace back to 145 and 152 zone anytime post that and That's where we can make big in JPY/INR. So with the help of USD/JPY also we can say that the JPY/INR down move looks nice in terms of R:R.
Now Let's discuss below #USD/JPY chart and understand it :
#USDJPY: #USDJPY fell down from 152 to 141 so far, in coming days 137-138 zone would be excellent buy opportunity for #USDJPY. Upside would be open for 145 first and after that 152 can also come and by any chance if 152 breaks then 160 is open directly for #USDJPY. We can also go long in #USDJPY also around 138-139 zone just like we shorted it around 151-152 zone for 144-143 as a Target and it fell down massively. Please check the previous analysis where we shorted #USDJPY around 151-152 zone with multiple confirmation
Link for #USDJPY Article : https://fxcareers.com/new/blog_detail/usdjpy-chart-analysis
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