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 time the southern side is reliable secured by a combination of the 55-, 100- and 200-hour SMAs. In contrast, the opposite side does not have any obstacles up until the weekly R2 at 31.7523 that will be updated on Monday.
- Therefore, the might shortly sneak to the bottom, but then make a rebound and continue the surge.
