JPY/INR may rise 39 - 58 pips

Our pivot point stands at 0.5654.

Our preference

The upside prevails as long as 0.5654 is support.

Alternative scenario

The downside breakout of 0.5654 would call for 0.5623 and 0.5604.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.5675 and 0.5669).

Supports and resistances

0.5775 **

0.5756 *

0.5737 **

0.5718

0.5679 last

0.5667

0.5654 **

0.5623 *

0.5604 **

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