The TRY/JPY exchange rate has been consolidating in the 22.6140/24.6060 range since the beginning of June. Its bottom boundary was tested last week. The Lira has since appreciated slightly and moved past the monthly S1.
This up-move has allowed the rate to reach a medium-term channel. This pattern has remained intact, reinforced by the 55-, 100– and 200-period (4H) SMAs. However, it should also be noted that the pair has nevertheless remained trading along this channel. This shows that the Lira might be ready to surpass the given resistance cluster and target the upper range line at 24.6060.
There is another important resistance level formed by the monthly PP and the 55-day SMA at 24.00 that could hinder the pair for a moment.
This up-move has allowed the rate to reach a medium-term channel. This pattern has remained intact, reinforced by the 55-, 100– and 200-period (4H) SMAs. However, it should also be noted that the pair has nevertheless remained trading along this channel. This shows that the Lira might be ready to surpass the given resistance cluster and target the upper range line at 24.6060.
There is another important resistance level formed by the monthly PP and the 55-day SMA at 24.00 that could hinder the pair for a moment.