USDJPY:-On a daily chart the pair USDJPY seems trading in a congestion area of Symmetric Triangle pattern. Forecast of price action from symmetric triangle formation is generally comes from an either side breakout of the pattern. The kind of formation usually (about 54% of the time)seems giving an upside breakout. Indicators are confirming the price action moves, as Relative Strength Index (RSI 14) is forming the mirror image of price action, means a symmetric triangle in RSI too. The parameters of RSI are adjusted by 40 (oversold) - 80 (overbought). One can notice that, in the recent past the readings of RSI(14) are above 40 only - indicating the strength of bulls. The directional index ADX is at 15 mark, signalling that the asset class is presently trading in the congestion area (in a converged range). Prices are trading above 200 (SMA) and 50 (EMA)day - a sign of an uptrend.
Conclusion:- On a valid breakout of 114.10, we can see a major move towards 118 mark.
Date : Dec-2018
22 Apr 2019 06:20 PM
On the daily chart - it is found that the prices have finally broke down the converged
18 Apr 2019 06:45 PM
After posting superlative gains in March, due to resurgent FII inflows, rupee has been range-bound
16 Apr 2019 06:10 PM
With a look at Silver chart shows that price action took resistance at $14.92 levels in July’18, October’18
15 Apr 2019 05:46 PM
A look at the daily chart is showing that USDINR is trading in between the range of a downward sloping trend channel
12 Apr 2019 06:53 PM
Indian exporters are a worried lot these days. USDINR around 69, EURINR at 78 and GBPINR near 90-91
11 Apr 2019 06:26 PM