After clearing the stops of the most vulnerable long traders the paths to the north is cleared.
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...
Potential bearish setup to follow.
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...
TRYJPY is the best 2017 pairs to buy compared to the rollover.
Rollover positive Target 32/34 (see chart) Turkey macro is going better. Just be careful on April (some government changes possible)
SL above D (34.022) entry 33.830 targets 33.466 33.228
#FXExotics #TRYJPY Long 39.033 TP 40.000 #FXMademoiselle #FX
Despite the fact that I have noticed this pattern slightly late, it is still within what would have been my SL had I noticed the pattern, so I am more than happy to follow its movement. I am of course bearish on this, which falls nicely with the high RSI reading 0f 66. I also have no fundamental reasons to think be ST-MT bullish on the Turkish lira.
FX:TRYJPY Ancara vs Tokyo ;) SHARK: Point B: 61.8% XA Point C: 113% to 161% AB Point D: 161% to 224% BC 88.6% to 113% XC Target: 38.2% to 100% CD Safe trades; open.spotify.com