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 observed.ch strong surge once, JPYINR went all the way down to 58.88.
Moving 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.
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