INR pairs are showing high volatility since past few sessions and due to the sudden gaps witnessed in the currency markets forming a trading set-up becomes difficult. Also during reversals it becomes important to capture the trend early to get most of the benefit of the trend.
Below is the chart published in our currency report ”The Forex Waves STU’ where in we have mentioned the about the next probable trade set-up for the pair using various techniques such as Elliott Wave, Moving Averages and other techniques.
JPYINR 60 mins chart:
(Below is an extract of write-up published in our report on 5th Morning)
On daily basis from past 3 consecutive days prices are closing above it previous bars high indicating strong momentum is building on upside. This is the simple yet effective technique of riding the ongoing trend. So as long as, previous bar low which is now near 62.35 remains protected on downside move towards …. or higher levels can be expected.
As shown on hourly chart, wave c has completed on downside. Currently next leg on upside is ongoing in form of wave a. Break above intraday high of …. can extend the rally towards ….. levels. Also its 50-periods EMA has turned on upside providing support on downside indicating further buying can be witnessed in this currency pair.
In short, trend for JPYINR is positive. Move towards ….. can be expected. For this outlook to remain valid ….. should remain protected on downside.
To know what will be the next move of USDINR and other domestic currency pairs for short term views subscribe to our report under the name of “The Forex Waves STU”. Also avail 2 days free trail for calls.
For long term view on currency pairs, subscribe to our monthly report under the name of “The Financial Waves Monthly Update”.
We provide intraday and positional advisory services for currency pairs like USDINR, JPYINR, EURINR and USDINR based on Elliott wave pattern and favorable risk reward ratio which has accuracy of 75% to 85%. Subscribe here