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INDIAN RUPEE / JAPANESE YEN

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INRJPY trade ideas

Update 4-JPY/INRPrice action had given some clarity now. Chart 1: Shows the first option, where the price is now expecting to hit 0.64500 by 19/02/2022 to 25/02/2022. Chart 2: Shows the second option, where the price can form a B variant of C elongated triangle followed by wave C. However the targets remain the same. Trade setup: Trade position: Short Entry area: Upon break below 0.65432 Stop loss: 0.65800 Target 1: 0.64740 Target 1 period: 19/02/2022 to 25/02/2022 Target 2: 0.64550 Target 2 period: 19/02/2022 to 25/02/2022 (option 1). Period for option 2 to be arrived based on price action if predicted as in chart 2. Keep watching this space for further updates on trading and managing the trade. To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
Short
by Hari-Ram-Kumar
Update 2-JPY/INRIn continuation to the linked idea titled as "Update 1-JPY/INR", this post explains what's going on in wave E. In the above chart there are 2 shaded areas in wave E indicated inside bold black bordered box. Blue shaded area is the price action to the upside and the orange one is to the downside. If the price action in the orange shaded area breaks below the blue shaded area on or before 13/10/2021 then it keeps a full stop to the whole correction by completing wave E and the triangle and the downtrend continues else the price action inside the orange area is a corrective wave to the one in blue area. Keep watching this space for further updates. To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
by Hari-Ram-Kumar
JPYINR a hidden gem of 300 PIP trade!Hi Team! This is my trade of the week for next week. It's a clear entry and exit, good confluences, and clear chart patterns. Currency: We are expecting JPY strength very soon We are seeing neutrality with INR News: There is no medium or high impact news affecting either currency in the coming week. Chart: We are in a clear descending wedge pattern on the daily time frame. We are seeing stronger 4H bullish impulse moves, accelerating the closure of this triangle. The daily support has been consistently respected, with minimal wicks. Trade Plan: Wait for a re-test of the daily channel support, and enter on rejection. Stop loss below daily support. This is a strong confluence, and so we have a very clear invalidation level to use. Because of this, we can have a sniper trade! TP levels in keeping with daily timeframe support and daily o.16 and 0.5 Fib. As ever - if we drop to SL, do not re-enter. The safest trade is to wait for rejection of structure and break of descending trendline on smaller time frame. Good luck, trade safe - and please like, share, comment and follow! DrBear
Long
by DrBear
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