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Clear resistance can be seen and higher lows on the weekly timeframe for TRY/JPY. I forecast a bearish breakout to the downside so wait for confirmation.
Hit like if you agree.
Turkish Lira and Japanese Yen dropped a lot recently, and I think a reversal could occur - at least for a short time. Keep an eye out for breakout confirmation in the next few days.
Last post: June 13th. See chart.
Review: Price had bounced off resistance suggesting weakness back in the direction of the bear trend.
Update: Price has continued to weaken but is a distance away from breaking and closing below the pivot support of May.
Conclusion: Applying patience and waiting for price to clear support before placing further short trades. ...
Last post: June 11th. See chart.
Review: Price had pulled back to resistance forming a potential double top.
Update: Price has bounced off resistance suggesting weakness but the double top is still to be confirmed.
Conclusion: Continuing to stand aside and manage short positions until the pivot low of May is cleared. Compounds will then be added.
Last post: June 2nd. See chart.
Review: The bears had resumed control of the market from resistance but a break below pivot support was needed.
Update: Price has pulled back to the same key resistance which we want to see hold strong and form a potential double top.
Conclusion: A waiting game now as we let price dictate a clear trend direction. The odds are ...
Last post: May 25th. See chart.
Review: Price was continuing to weaken as the bears remained in control of the market.
Update: Price pulled back to resistance and the bears are now back in control with good weakness towards the end of the week.
Conclusion: A break and close below the draw-in pivot support is still required and ideally in the form of a bear ...
Last post: May 21st. See chart.
Review: Price had broken support and confirmed a bear flag.
Update: Price has continued to weaken. A break and close of Wednesday's support is now needed.
Conclusion: A break and close below support will suggest weakness towards the round number 20.00.
Any comments or questions, do not hesitate to leave them below. Hit ...
TRYJPY is still making a downward moves since the beginning of May of this year
I am still short on 4 trades
03-MAY 07:13 Short @ 26.304
04-MAY 06:11 Short @ 25.821
09-MAY 06:58 Short @ 25.240
16-MAY 07:48 Short @ 24.671
Trailing stop @ 25.059
Last post: May 16th. See chart.
Review: A continuation of the bear trend was likely with the confirmation of the bear flag.
Update: Price has indeed weakened further with another bear flag a possibility by the end of play today.
Conclusion: Another bear flag will mean further shorting opportunities as price continues to weaken.
Any comments or questions, ...
Last post: May 13th. See chart.
Review: Price had pulled back to and was bouncing off resistance.
Update: We were wanting a breakout in the form of a bear flag. 2 more days of weakness means the bear flag has been confirmed.
Conclusion: A bear trend continuation is now likely offering further shorting opportunities.
Any comments or questions, do not ...
Last post: May 10th. See chart.
Review: Price had pulled back to pivot resistance.
Update: Price has bounced off resistance. A bear flag will mean a trend continuation is likely.
Conclusion: Patience needed until the break and close below support has been confirmed.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our ...
We last posted on the TRYJPY on March 8th when price had broken and closed below pivot support.
As expected, given 6 days in a row of weakness, price has pulled back to the pivot resistance of March.
We now want to see this level hold strong, for price to bounce back in the direction of the bear trend and break and close below the May pivot support.
We last posted on the TRYJPY yesterday when we were waiting for price to break and close below the April pivot low.
Price, today, has taken this level out and we are now waiting for the close below by the end of the trading day.
This is when support will be confirmed as resistance and when we will look to add more short positions to the one already in play as ...
We last posted on the TRYJPY on April 10th when price was finding immediate support at the pivot low of March. The following bar did break and close below the pivot support this was short-lived. Price spent the latter part of April pulling back to the 50SMA where it found resistance.
The 50SMA is a significant level of support and resistance when price is in a ...
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 ...
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 level ...
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 ...
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.