Will The TRYJPY Break Pivot Support?

FX:TRYJPY   Turkish Lira/Japanese Yen
While the other JPY currencies that we have posted about, such as the AUDJPY, the CHFJPY and the USDJPY, continue to pullback or remain firmly in consolidation, the TRYJPY is leading the way for a possible breakout and trend continuation.

We last posted on the TRYJPY on April 4th when price had pulled back to and found resistance at a previous pivot level. Since then, price has weakened further and is now back at the pivot low of March.

This is classic price action movement in a trend. Price does not and will not ever move in a straight line. A trend is made of moves in a direction followed by a pull back to levels of support and resistance before a move back in the direction of the main trend.

The TRYJPY has moved in the right direction according to our previous post but we still need to apply patience and wait for a break and close below the March pivot support and ideally in the form of a bear flag. Flags, as trend traders, are our preferred chart pattern as they offer entry points, confirm a trend continuation and bring linearity to the trend structure.

This will then give us a strong confirmation of a a continuation of the bear trend and when we will look to enter compounds to the short trade we already have in play.

We are close to a setup but we will be standing aside and applying patience until price confirms the breakout.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

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