JPY/INR may rise 25 - 38 pips

0.5543 is our pivot point.

Our preference

The upside prevails as long as 0.5543 is support.

Alternative scenario

The downside breakout of 0.5543 would call for 0.5522 and 0.5509.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.5501 and 0.5465).

Supports and resistances

0.5623 **

0.5610 *

0.5598 **

0.5585

0.5560 last

0.5551

0.5543 **

0.5522 *

0.5509 **

Number of asterisks represents the strength of support and resistance levels.