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Published on 12/02/2018 10:20:16 AM | Source: GEPLCapital Ltd

USD/JPY making fresh low since September 2017 - GEPL

Posted in Currency Report| #GEPLCapital Ltd #Currency Tips

Market Commentary

The dollar was little changed against a basket of the other major currencies on Friday but recorded its strongest week in almost 15 months after a turbulent week in stock and bond markets around the world. The U.S. dollar index, was steady at 90.22 in late trade.

The dollar stabilized against the safe haven yen following Thursday’s declines, with USD/JPY last at 108.78.

The euro was steady against the dollar, with EUR/USD at 1.2250 in late trade. The single currency ended the week down 1.82%, the largest weekly percentage decline since November 2016.

Meanwhile, sterling weakened against the dollar and the euro on Friday after Michel Barnier, the European Union’s Brexit negotiator warned Britain that a post-Brexit transition deal was “not a given”. GBP/USD was down 0.63% to 1.3832.

USD/INR opens at 64.56 above the previous close of 64.40.Prices were trading between 15 paisa range 64.41- 64.58.For today we expect the pair to trade 64-64.70.If prices sustain above 64.40 we might see prices testing 64.70.

USDINR Technical Outlook

Observations:

* Prices break above the lower low lower high pattern and closed above the swing high placed at 64.26

* ADX=19 and RSI near resistance indicating prices might remain range bond

Inferences:

* Trend to remain bullish till 64.20 is not broken on the downside

* If prices sustain above 64.20 we might see prices testing 64.70 levels

EURINR Technical Outlook

Observations:

* After making bearish engulfing pattern are heading down and failed to close the gap

* RSI heading downward and negative divergence in MACD histogram indicating at short term correction

Inferences:

* Trend to remain bullish till 77 is not broken on the downside

* If prices sustain below 79 we might see prices testing 78.50 levels

GBPINR Technical Outlook

Observations:

* Prices have close above the support placed at 89.30

* Negative divergence in RSI and negative slope in MACD histogram is indicating at short term correction

Inferences:

* Trend to remain bullish till 88.50 is not broken on downside

* If prices sustain below 89.90 we might we prices testing 89.20

JPYINR Technical Outlook

Observations:

* Prices breakout above the lower high lower low pattern and closed above the swing high placed at 58.64

* ADX=32 +DMI>-DMI indicating strong bull trend and RSI,MACD breaking above the consolidation indicating strong bullish momentum

Inferences:

* Trend to remain bullish till 58 is not broken on the downside

* If prices sustain above 59 we might see prices testing 59.54. levels

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