JPYINR has been trending in a range since March 2020. Recently, it has been again towards the upper edge of the range channel. But this time, I am bullish biased on this pair. This is mainly because of 2 reasons:
1. There is an upward trendline which it has been respecting and rather it has just touched it again.
2. There has been a support area which it has been respecting as well.
3. The price is now squeezing around the resistance area of upper edge of the parallel channel.
All these factors make this pair bullish in my opinion. I have opened a buy position on this pair. My target for this pair now is 71.80.
1. There is an upward trendline which it has been respecting and rather it has just touched it again.
2. There has been a support area which it has been respecting as well.
3. The price is now squeezing around the resistance area of upper edge of the parallel channel.
All these factors make this pair bullish in my opinion. I have opened a buy position on this pair. My target for this pair now is 71.80.