Lets Discuss about JPY INR Trend for upcoming days. We know in last week Bank of Japan (BoJ) declared quantitative easing of money to overcome deflation. So in response to that market shows a sharp downtrend against JPY pair. We were expecting a retrace move here after, but it doesn’t and it has again crossed the daily support line.
Now here onward market will be in bearish mood, possibility it may retrace upto support line i.e. 56.4000 & again it will go down. So look for bearish move, some candlestick formation like bearish engulfing, Pin bar, dark cloud cover on intra day chart and enter for bearish move. It is expected to go 55.0000 & then again we will have to look for retrace move.
Wishing you all the best for your trading.