Monthly downtrend, reaching all time low
Weekly downtrend, reaches supply in control. Supply in control tested once before, most probably will penetrate deeper this time round
Daily downtrend, to wait for retracement and short to next demand zone
The US-Turkey political tensions are on a rise again.
The TRY is getting hit today and it might be one of those crazy Friday's again, where certain pairs might just move one way and that's it.
For now, we are targeting the 19.45 support area, which may hold the pair initially, but then we will have to re-evaluate everything again, as TRYJPY might...
The pair seems to be getting into a squeeze. For now, we wait until wee see a clear break through one of the sides of the triangle.
But for a better confirmation of the upside and the downside, please see the chart for the potential breakout levels.
Don't forget your stop-loss.
Hypothesis: Supercycle year time frame is downtrend
Wave 3 Supercycle still in progress
Wave 3 Daily should be in progress till end of March or beginning April
Wave 5 of Wave 3 would complete the cycle.
After this supercycle 3, wave 4 shall commence bull.
TRYJPY is balancing closely to the medium-term upside support line, taken from the August lowest point. We will continue monitoring the pair carefully, but if it breaks below that upside line and closes the daily candle below the 20.65 area, this could be a warning sign for the bulls and they could start abandoning the field.
For now, be very...
The Turkish Lira has been driven by a strong upside momentum against the Japanese Yen since the middle of August, and thus sending the currency pair to the weekly R2 at the 21.94 mark.
As apparent on the chart, the pair is testing the upper boundary of the medium-term ascending channel near 22.10. Given that the exchange rate is being supported by the 55– and...
15Min: Bull => Bear twist
Verdict: Bearish long term future, short term is Bullish
Price quite far from the Kijun/Tenkan on many smaller time frames, we should expect at least a short term retracement to a support level.
M: Oversold, Bullish Cross
W: Trending up, approaching resistance
TRY/JPY is currently weak and could potentially break it's bullish support and fall further down.
Place your SL above the high of the current consolidation zone.
To play it safe, one can simply place a Stop Sell order right below the 50 EMA on the 6H chart or simply the current support line to catch the move as it breaks its current support.
I would personally...
This pair has been trading on a very long term 1M Channel Down (RSI = 31.162, MACD = -4.539, Highs/Lows = -2.4883, B/BP = -6.1380) since December 2014. The 1W bullish sequence is approaching the 22.300 - 23.450 Resistance zone, which is a Lower High mark on the monthly Channel Down, hence the most optimal short entry. TP = 11.900.
** If you like our free...
The previous forecast worked, and the TRY/JPY currency pair continued to trade in a short-term ascending channel.
As apparent on the chart, the exchange rate is supported by the 55-, 100– and 200-hour SMAs near the 19.80 mark. It is expected that the pair surges towards the resistance cluster formed by a combination of the weekly R3 and the monthly R2 in the...
The Turkish Lira has been appreciating against the Japanese Krone since the pair reversed from the 2017/2018 low at 15.63. This movement has been bounded in a medium-term ascending channel.
As apparent on the chart, the exchange rate is testing the lower trend line at 18.48. Also, the pair is supported by the 100-period (4H) SMA at 18.27. From the theoretical...
I prefer short to long thus had short position again.
Needless to say, the trend is still down though raising interest-rate.
Be careful for rebounds.
TP1: 17.430 (22.8p, Fibo 38.2%)
TP2: 17.076 (+58.3p, Fibo 50%)
SL: 18.000 (-34.2p)
Good luck to you and me!
It seems to fall again like before.
I think the temporary peak has gone.
TP: 17.870(Fibo 23.6%, +28p)
The ratio is not good, because my entry was too late.
Hope good luck to you and me!