JPY/INR may rise to 0.5582 - 0.5690

Our pivot point stands at 0.5168.

Our preference

Rebound.

Alternative scenario

Below 0.5168, expect 0.4988 and 0.4881.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (0.5330) but under its 50 period moving average (0.5386).

Supports and resistances

0.5906 **

0.5798 *

0.5690 **

0.5582

0.5365 last

0.5238

0.5168 **

0.4988 *

0.4881 **

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