JPY/INR may rise 35 - 51 pips

0.5499 is our pivot point.

Our preference

The upside prevails as long as 0.5499 is support.

Alternative scenario

The downside breakout of 0.5499 would call for 0.5471 and 0.5455.

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 above its 20 and 50 period moving average (respectively at 0.5513 and 0.5504).

Supports and resistances

0.5607 **

0.5591 *

0.5574 **

0.5558

0.5523 last

0.5509

0.5499 **

0.5471 *

0.5455 **

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