JPYINR after a downtrend showed a pause in the form of rectangle pattern - GEPL Capital
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Chart for the day
JPYINR (HOURLY) - 58.34
Observation
* On hourly chart of JPYINR, Prices of JPYINR after a downtrend showed a pause in the form of rectangle pattern.
* On 22nd July 2022, prices have given a breakout from the rectangle pattern with high volumes, indicating bullish sentiment in the prices.
* Post the breakout prices have retested the rectangle pattern and have started to form higher high, higher low pattern.
* Prices have closed above 50 EMA, which indicates here reversal in the trend.
* RSI plotted on daily timeframe is rising and sustained above 50 mark, indicating a positive momentum in the prices.
Inference
* Buy above 58.36 Target 58.66 SL 58.22???????
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