We last posted on the TRYJPY on March 19th after price had broken support and triggered our short position.
Since then, price moved further into profit before pulling back to retest the drawn-in pivot resistance. Price has since bounced off this resistance level and is weakening nicely.
However, we need a break and close below the drawn in pivot support...
The Turkish Lira keeps sliding lower against the Japanese Yen. The pair has lost around 11.25% since its peak at 30.30 on January 5. A dominant pattern that is guiding the pair from this time is a descending channel.
In terms of this week, the pair has been trading sideways with a slight tendency north. This movement began when the Lira reversed from the...
We are very selective of the exotics that we trade. Given the majors and their crosses, there are ample currencies to choose from when the FX market is in trend. On occasion, we do tend to add the odd good looking exotic to the portfolio. The TRY currencies are ones that we do keep an eye on for opportunities as they can trend well.
The TRYJPY is the first...
The movement of TRY/JPY has been guided by several patterns the most important of which for near-term trading is the seven-week channel down. Its upper boundary was tested early in February when the pair reversed from the monthly PP at 29.33.
It is likely that the Lira continues depreciating against the Yen within the following trading sessions in line with the...
I am slowly building a big long position in TRY/JPY pair. Turkish Lira is quite under-valuated at these levels and despite the recent strength of Japanese Yen I think in the long run JPY will weaken across the board. This is a carry trade position which will bring lot of interest while running. At 8.5% current interest rate of Turkish Lira outperform almost all...
The Turkish Lira has been trading in a channel down against the Japanese Yen for the last three months.
During this time, a new descending channel was formed. After failing to edge down to the bottom boundary of the senior pattern last week, the Lira reached its ultimate low of 28.00 and reversed to the upside.
Meanwhile, the pair breaching the shorter-term...
The Turkish Lira has been stranded in two major patterns against the Japanese Yen. The dominant one is a descending triangle which was formed as early as mid-2016. Meanwhile, a more recent one is a falling wedge. It has constrained the rate in a downward-sloping movement for the last three months as a result of which the Lira moved slightly below its 2017 low of...
The Turkish Lira has been weakening against the Japanese Yen during the past week, thus forming a falling wedge. This pattern was formed as a part of a senior ascending channel valid since early January. The pair bounced off the bottom boundaries of both patterns late on yesterday, thus testing its six-month low at 20.65.
From theoretical point of view, the Lira...
Following the massive plunge on October 8, TRY/JPY entered a period of consolidation in the result of which an ascending wedge was formed. The rate tested its lower boundary late on Monday and has since re-gained some lost positions. Taking into account that this pattern was preceded by a wave down, a breakout should occur to the downside.
As apparent on the...
Bat and Butterfly patterns give Short signal to the same region.
The operation is active according to the yellow Bat pattern.
But I prefer not to wait for the big Bat design.
I expect the price will move up again from the neckline of the Shoulder Head Shoulder if it returns from the desired level.
TRY/JPY 1H Chart: Rising Wedge
The Turkish Lira is losing value against the Japanese Yen in an ascending channel that began to form one week ago. The pattern managed to gain four confirmation points before it started to transform into a rising wedge.
In this kind of figures the currency rate usually makes a breakout in the bottom direction. However, this...
