JPY/INR may fall 31 - 47 pips

Our pivot point stands at 0.5366.

Our preference

The downside prevails as long as 0.5366 is resistance.

Alternative scenario

The upside breakout of 0.5366, would call for 0.5392 and 0.5407.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). 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 0.5370 and 0.5380).

Supports and resistances

0.5407 **

0.5392 *

0.5366 **

0.5355

0.5340 last

0.5309

0.5293 **

0.5277 *

0.5262 **

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