JPY/INR may rise 31 - 47 pips

Our pivot point is at 0.5295.

Our preference

Rebound towards 0.5364.

Alternative scenario

The downside breakout of 0.5295 would call for 0.5269 and 0.5254.

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 (0.5316) but below its 50 period moving average (0.5329).

Supports and resistances

0.5395 **

0.5379 *

0.5364 **

0.5348

0.5317 last

0.5305

0.5295 **

0.5269 *

0.5254 **

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