Nivesh - Special Report on Japanese Yen - Indian Rupee (JPY-INR) :: IndiaNivesh

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JPYINR posted its steepest daily fall in a year on 31st October after Bank of Japan expanded its quantitative easing
program in October policy by pledging to increase its monetary base to 80 trillion yen per year to achieve a target of
2% inflation and prevent the World's third largest economy from falling into deflation.
Recently it broken the lower trend line of falling wedge pattern and made a low of 54.36, settled at 54.4350 on
Monday. In near term weakness in JPYINR will expect to continue following to the above pattern but after a sharp
bullish rally about 4.40% from 109.35 to 114.17 USDJPY showing profit booking and trading at 113.43 with a loss of
0.53% this would be restrict the downside pressure in JPYINR as a weak USDJPY may denotes pullback in JPYINR prices
also. Hence at this point of time a valid sell entry could expect below the support of 54.30 levels, else sell on pullback
towards 59.00 will expect for this month.
Trading Strategy for short time: SELL JPYINR future below 54.30 (CMP 54.4350) for the target of 53.52, breaching
53.52 level will take the pair further downward for the next target of 52.50, trader shall maintain a tight stop loss of
55.10.
Trading Strategy for Nov- Dec 2014 :
Sell on every rise towards 59.20-59.00 with stop loss of 60.40 (Coincide with upper trend line of wedge and a break
above this line only will confirm the positive move towards 62.00 and then 63.50 levels).

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