The USDJPY moved above the 151.00 mark during the India trading session - Axis Securities Ltd
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USD/INR
The lack of driving forces kept the Dollar in a tight range. The USDINR pair as usual was flattish and traded in a tight range and hovered between 83.27-83.30 though out the session. On the daily chart we can see that the pair is placed below the 20 and the 50 day moving average both of which happen to fall near the 83.33 zone. The RSI plotted on the daily chart can be seen flattening around the reference line, indicating lack of momentum in the pair. In the sessions to come, the immediate support for the pair is placed near the 83.00-83.10. On the upside the immediate resistance is placed near 83.35-83.50.
EUR/INR
The Dollar bidding pushed the Euro lower, the EURUSD pair broke below the 1.07 mark during the day and moved lower. After a positive open, the EURINR pair drifted lower towards the 50 day moving average. On the daily chart, EURINR pair formed a small negative candle after a gap up open. The RSI plotted on the daily chart can be seen drifting higher, hinting towards possible bullish momentum in the pair. In the sessions to come, the immediate support is placed near the 88.80. The immediate resistance is placed near the 89.30-89.50 zone.
JPY/INR
The USDJPY moved above the 151.00 mark during the India trading session, putting a lot of pressure on the Yen. The JPYINR pair opened on a negative note and then slid lower towards the 55.00 mark. On the daily chart we can see that the pair has been drifting lower, indicating presence of bearishness in the pair. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating presence of bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 55.60 On the downside the 55.10-55.00 is expected to act as a support.
GBP/INR
The GBPUSD pair was very range bound, and this lead to the GBPINR pair trading between gains and losses though the session. After a positive open the pair attempted to move lower, but strong buying interest pushed it higher towards the 102.50. On the daily frame, we can see that the GBPINR faced rejection around the 50 day moving average. The RSI plotted on the daily chart has formed a bearish candle with long upper wick, indicating rejection near the 102.50 zone. In the sessions to come we might see the immediate support come in near the 102.00- 101.80 On the upside the immediate resistance is placed near the 102.50-102.70 zone
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