JPYINR Elliott Wave Analysis

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 JPYINR daily continuous fut chart

JPYINR hourly continuous fut chart


In daily chart of JPYINR, the pair is hovering near the cluster of supports and if this support is intact there can be a bounce back which can soar prices near till resistance of the sideways trend. RSI is also showing signs of reversal all indicating that a bounce back can’t be ruled out.

From hourly chart, bounce from the lower end of the support will give an indication that prices will continue to remain in this trend which will also define the resistance zone and possible exit levels. The bias from current juncture is positive.

From Waves perspective, the pair is moving in (a-b-c-x-a-b-c) where it has completed wave c of second correction and from here there are two probabilities either there can be wave x coming from here of wave b of one higher degree is over at c and wave c of one higher degree will start which can move above the end of wave a of one higher degree.

The summation is JPYINR is all set to surge till 70.8-71.2 levels over short term any move above 72 will surpass 73 levels over medium term. The support will be at 68.5 (closing basis).

 

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