India-First-Global-Insights-Analysis -Sharing-PlatformIndia-First-Global-Insights-Analysis -Sharing-Platform

Japanese Yen: Upward surge and the buzz

, January 28, 2014, 0 Comments

Bank of Japan’s Governor Kuroda commenting that the economy will continue to grow, along with the top performance by Japanese Yen against Euro as well as dollar in last 3 days has created the buzz.  Derivatives traders hinting that heavy hedging may continue against the Japanese yen, as currency markets seems to favor the Yen. JPYINR currency pair has shown big upward move, on 24th jan 2014.

Invest Or Not To Invest: A trader may invest/trade with adequate stop loss and trailing stop loss. Stop loss may be initiated below 200dma & half way to bullish candle at 60.41/60.12. Long trade entry point can be at 60.87.

Chart Structure: : JPYINR technical structure in daily time frame is sideways despite an upward surge in late August 2013, where it made higher high at 71.58. Yet it could not challenge the old high of 72.33 where JPYINR faced stiff resistance, previously 4 times. On such strong surge once, JPYINR went all the way down to 58.88.

Price Pattern:  No particular pattern can be observed in daily chart of JPYINR. A small sideways congestion prior to up move between the ranges of 58.88-60.90 can be strong surge once, JPYINR went all the way down to 58.88.

Japanese Yen upward surge- MarketExpressMoving Average: The big bullish belt hold line candle of 24th January 2014 has successfully pierced the 200dma. 200dma indicates a broader trend changes in daily time frame. 200dma that was acting as the resistance to daily JPYINR prices, has taken the supportive role at least as of now.

Technical Momentum Indicator: Slow stochastic level is currently above 40 after having gone below 20 in deep oversold zone since last 3 weeks. Slow stochastic between the range of 50-70 can give an excellent long trade entry point to patient traders.

JPYINR daily trend is sideways with big upward spikes, in between to challenge old highs. No clear Bullish OR Bearish structure is being observed in the daily time frame chart. But with JPYINR currency pair crossing 200dma successfully, upside bullish positions can be profitable. On crossing slow stochastic 70 & price 62.39 one more upward surge in JPYINR can be anticipated.


This Opinion piece/Views presents the opinions/views of the author. It does not necessarily reflect the views of MarketExpress, its publisher, the Company for MarketExpress, or its sponsor.

MarketExpress or anyone involved with MarketExpress will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

MarketExpress would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore MarketExpress doesn’t bear any responsibility for any trading losses you might incur as a result of using this data .

Disclosure: Article reflects personal view and opinion of author and not of MarketExpress. Author have no positions in any stocks or index related stocks, and no plans to initiate any positions within the next 72 hours.