Mtechtips MCX-SX JPYINR INTRADAY trading analysis 25-01-2016

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 25-01-2016

Mtechtips A Japanese official also said the government was closely monitoring foreign-exchange markets. However, yen found support after the Bank of Japan Governor, Haruhiko Kuroda said the central bank is not considering using negative interest rate policies and the Japanese economic fundamentals are firm with the price trend steadily improving. This week, a break below 57.40 may extend recent fall and JPYINR may test 56.72-56.00. on the upside, strong resistance is seen at 58.30 sustain trade above only will expect to test 58.90-59.10 Sell below 57.40 Targets 56.70-56.00. Stop loss above 58.30 (LTP : 57.4325) Important factor/data from Japan. Monetary Policy Statement After hitting a high of 58.99, JPYINR retraced towards 57.1275 and settled at 57.1575 as Bank of Japan hinted for expiation of its monetary easing measures as sliding oil prices make it even harder to reach its 2% inflation target. 

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