JPY/INR may rise to 0.6166 - 0.6312

Our pivot point stands at 0.5653.

Our preference

As long as 0.5653 is support look for 0.6312.

Alternative scenario

The downside breakout of 0.5653 would call for 0.5409 and 0.5264.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.5777 and 0.5573).

Supports and resistances

0.6604 **

0.6458 *

0.6312 **

0.6166

0.5847 last

0.5748

0.5653 **

0.5409 *

0.5264 **

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