JPY/INR may rise 32 - 47 pips

Our pivot point stands at 0.5280.

Our preference

The upside prevails as long as 0.5280 is support.

Alternative scenario

The downside breakout of 0.5280 would call for 0.5254 and 0.5239.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 0.5292 and 0.5295).

Supports and resistances

0.5378 **

0.5363 *

0.5348 **

0.5333

0.5301 last

0.5289

0.5280 **

0.5254 *

0.5239 **

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