The USDJPY continues to hover around the 140.00 mark - Axis Securities
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USDINR
Technical View
The USDINR traders seems to have stayed away from speculation in the USDINR pair ahead of the US CPI data. The USDINR pair opened on a slightly negative note and then traded between the 82.40 and 82.50 for the rest of the session. From the price action point of view the pair saw some buying interest near the 82.40 zone. The RSI plotted on the daily chart can be seen drifting lower towards the oversold level. Technically, we expect the pair to find support near the 82.30 zone, the price action near this level will be crucial to watch for as this level is expected to act as a make or break level. On the downside the 82.30 is a very crucial level to watch for, if the pair breaches below this level, we might see a move towards the 82.00.
EURINR
Technical View
The EURINR pair had been forming a classic accumulation pattern near the 88.00 mark. On Tuesday the pair finally managed to break above the 89.00 zone, after a flattish open. The RSI plotted on the daily chart too can be seen galloping higher, towards the overbought level, indicating increasing bullish momentum in the pair. The pair seems to be facing minor hurdle near the 89.10 zone, if we see the prices break above this level, we might see it rally higher towards the 89.30 followed by 88.80 zone. Our view on the pair will remain bullish as long as it managed to sustain above the 88.80 handle.
JPYINR
Technical View
The USDJPY continues to hover around the 140.00 mark. this consolidation around the 140.00 mark has put kept the JPYINR in tight 70-80 paisa range. On Tuesday the pair moved towards the lower end of the consolidation. The RSI plotted on the daily chart can be seen flattening around the 40 mark, indicating lack of momentum in the pair. In the sessions to come we might see the pair find resistance near the 59.70-60.00 zone. On the downside the important support is placed near the 59.20-59.00 zone.
GBPINR
Technical View
We had the UK Claimant Count Change which is basically the unemployment claims data, and the figures came in significantly lower than the analysts estimates, this helped the GBPINR pair move higher towards the 103.60 zone after it bounced off the 103.27 handle. The pair formed a small bodied candle with large wicks on both sides, indicating buying interest near the 103.30 (a level which has acted as a resistance earlier) and selling pressure near the 103.60-103.80 zone. The RSI plotted on the daily chart suggests that the pair is looking bullish momentum. In the sessions to come the price action near the 103.30 and 103.80 will be crucial to watch, as a break of these levels will determine the pair future trajectory of the pair.
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