JPY/INR may rise 34 - 50 pips

0.5546 is our pivot point.

Our preference

Rebound towards 0.5621.

Alternative scenario

Below 0.5546, expect 0.5519 and 0.5502.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (0.5571) but below its 50 period moving average (0.5580).

Supports and resistances

0.5654 **

0.5638 *

0.5621 **

0.5605

0.5571 last

0.5557

0.5546 **

0.5519 *

0.5502 **

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