It can become tricky to trade in FOREX markets due to the violent gaps that are witnessed overnight. JPYINR showed a sharp reversal from the lows of 60.70 towards 62.08. We have been successful in capturing the move from 61.33 towards 61.80.
Below is the chart taken from “The Forex Waves Short Term Update” which shows detail analysis using basic techniques like channeling, resistance and support level, moving averages which helped in providing good trade set up.
JPYINR 60 mins chart: Anticipated as on 20th July 2018
JPYINR 60 mins chart: Happened as on 24th July
(Below is the part of research taken from the forex research report published morning before markets open)
As shown on the hourly chart, prices have given a decisive break above its important resistance 61.40 levels. It has also broken its downward slopping channel and made a high near 61.69 and closed near 61.33 levels. Its 30-periods EMA which was acting as resistance is now providing support near 61.19 levels which keeps the tone positive.
In short, trend for JPYINR is positive. We can expect the prices to move towards 61.80 or higher levels until the gap area remains unfiled.
Happened: Prices moved as expected and made a high near 62.08 showing strong rise on the upside.
The above research shows the power of catching important support and resistance level break of which provide bigger swings. To know what will be the next move of JPYINR subscribe to our Forex report which also covers USDINR, EURINR & GBPINR. Get access here