JPYINR Bulls are back

This is JPYINR spot chart. As it can be seen can be seen that it has given Inverted Head & Shoulders Pattern on larger time frame and a symmetrical triangle on the hourly charts.
Symmetrical Triangle:
cmp: 55.50
target: 55.87
stop loss: 55
Inverted Head & shoulders:
 cmp: 55.50
targets:56.20, 56.50, 57.05
stop loss: 54.6

JPYINR has also broken out of falling channel on the weekly charts but is yet to confirm on Friday closing.  Also the monthly charts indicates that a long term bottom is in place for JPYINR as it is forming bullish hammer. This candlestick pattern indicates bullish reversal. These charts will be posted on friday, after the weekly and monthly closing.

UPDATE: 3rd June 2013
          JPYINR kept its up move and had achieved the 56.87 target of symmetrical triangle on Thursday itself and the the next targets of 56.2 and 56.5 were achieved on Friday. Today it made a new high of 56.63. Now the wait id for the Head & Shoulders pattern target of 57.05.
The weekly chart shows a falling channel breakout. JPYINR was moving in this channel from Oct 2012 till May 2013 i.e. for almost 8 months. The target lies around 58.64.

UPDATE: 5th June 2013

        JPYINR bounced back from the lows of 56.13 which is the support trend line of the rising channel. It also achieved the pattern target of the Inverted head and shoulder pattern at 57.05. Considering the overbought hourly charts and a strong resistance at 57.16 levels, it can now move into the consolidation. Also the hourly ADX has moved below 20 indicating the loss of momentum. Although the weekly channel target of 58.64 is still pending.

UPDATE: 7th June 2013
       JPYINR has been moving viciously in the up trend like there's no tomorrow. It has been opening gap up for past two days and has been not only sustaining these gaps but also moving fast up. Today it opened with a huge gap while achieving the channel target of 58.64. It then moved above 38.2% Fibonacci retracement of steep fall from the levels of 69.39 (16th Nov 2012) to 53.15 (17th May 2013). The rally took brief halt near the lows of 59.87 for the day.

         Considering the momentum of the rally and the vicious fall of 23% in the currency pair in the span of 7 months the pair has still headwind for more up move. The currency pair can touch 60.35 which is the upper Bollinger band and then consolidate before moving further up to the targets of 50 %  at 61.27 and 61.8% at 63.19 of the Fibonacci retracement.

UPDATE: 11th June 2013
           Yesterday JPYINR opened gap down due to the strong resistance at  59.87 at the support of 58.20. This cooled off the overbought condition of the currency.The strong momentum took the currency higher and today it made high of 60.50. It touched the weekly upper bollinger band target of 60.44. Now the next targets are at 61.27 and 63.19.

UPATE: 1th June 2013
            On 13th June JPYINR opened with  a gap of 1.155 and made a high of 62.2550 near its 200DMA. However it was quick to fill the gap next day itself, indicating it to be exhaustion gap. Since then it is trading in the range or sideways consolidation. A break of 61.60 will mark its journey back towards  the highs of 62.255, negating my bearish view. However a break of 60.44 will mean the correction is on.

The rising channel of movement was broken on friday and was tested today. The channel target is at 59.80 levels. The support for JPYINR is at 60.36-59.85-58.55-57.55 levels. JPYINR has left a bullish rising gap at 57.57-58.165, whose target at 62.60 is still pending.