JPY/INR may fall 38 - 56 pips

0.5667 is our pivot point.

Our preference

Target 0.5587.

Alternative scenario

The upside breakout of 0.5667, would call for 0.5699 and 0.5717.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (0.5644) but above its 50 period moving average (0.5638).

Supports and resistances

0.5717 **

0.5699 *

0.5667 **

0.5655

0.5643 last

0.5605

0.5587 **

0.5568 *

0.5549 **

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