Rupee set to gain 8% against yen

India's rupee will climb at least 8 per cent against the yen in the next three months based on chart movements that some investors use to predict changes in prices, Mitsubishi UFJ Morgan Stanley Securities Co said. The rupee gained about 17 per cent from this year's low of 1.44 yen before surrendering half of those gains in the past month. It will rebound beyond 1.683 yen, a six-month high set on March 15, based on the Elliott Wave theory, according to Tokyo- based Naohiko Miyata, chief technical analyst at the unit of Japan's largest bank. The rupee was little changed at 1.562 yen in Mumbai. It has declined 17 per cent versus the yen over the past 12 months. The current wave points to the 1.56-1.53 levels as an appropriate range representing a 50 per cent to 61.8 per cent reversal of the rupee's rally between December 15 and March 15, Miyata said. From gulfnews