Sublime_Trading
Short

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!

Sublime Trading
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out