JPY/INR may fall 37 - 56 pips

Our pivot point is at 0.5654.

Our preference

The downside prevails as long as 0.5654 is resistance.

Alternative scenario

The upside breakout of 0.5654, would call for 0.5685 and 0.5704.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 0.5631 and 0.5636). Finally, the JPY/INR has penetrated its lower Bollinger band (0.5626).

Supports and resistances

0.5704 **

0.5685 *

0.5654 **

0.5641

0.5625 last

0.5588

0.5569 **

0.5550 *

0.5532 **

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