Uncharted-FX

TRYJPY Double Bottom Forming

Long
FX:TRYJPY   Turkish Lira/Japanese Yen
Maybe not the most popular trade idea given what is occurring with Turkey geopolitically, but a good set up nonetheless.

Been in a downtrend with multiple waves, and we hit a support/flip zone which can be seen by going further back or on the daily chart .

A double bottom indicates a possible exhaustion of the trend as no new lower lows have been made.

I am looking here for a break and close above the 18.54 zone but perhaps 18.60 is better since we take out the previous lower high.

19.10 zone would be the target if we get the break.

Comments

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