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TRYJPY

TRY/JPY 1H Chart: Pair shows upside potentialThe movement of TRY/JPY has been bounded in an descending channel during the past three weeks. This pattern is a part of a medium-term channel which has prevailed since early 2018. Given that the pair reversed from the medium-term channel today, traders are expected to see a test of the 25.45 area which is reinforced by the 100– and 200-hour SMAs and the weekly PP. In terms of downside potential, the nearest support is set by the weekly and monthly S3s circa 24.10, while no other barriers are located nearby. It is unlikely that the pair falls below this 24.00. If such situation occurs, the next target is the 23.00 mark.
Long
by UnknownUnicorn890690
Pullback to Resistance on The TRYJPYWe 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. Patience needed for now. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Short
by Sublime_Trading
The TRYJPY Trading Below 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 this break below support is a sign of a trend continuation. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Short
by Sublime_Trading
The TRYJPY Close To Breaking Support 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 trend and this is a perfect example. It also offers entry points into the trend and so this pullback to the 50SMA and the round number 27.00 resistance cluster would have offered just that, a short entry into the bear trend. By giving price the space to move, we have stayed in our short trade and we are now looking to add further compounds. We first need to see price break and close below the support level of April that price is currently looking to push through. If price does dictate the break and close, then we would want to see price continue to weaken in the direction of the bear trend towards the next round number of 20.00. If the trend continues in the same structure as it did from the start of the year to the end of March, then we are in a fast moving trend structure and that is when breakouts will be the most likely entry points for compounds. This is looking strong for a trend continuation but we need to apply patience and wait for the break below pivot support to be confirmed before we can place any more short trades. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Short
by Sublime_Trading
1
TRY/JPY 1H Chart: Lira remains near breached channelTRY/JPY has been appreciating in a two-week ascending channel which started when the rate reversed from the senior channel near 25.50. This bullish sentiment resulted in a breakout of the medium-term channel and the 23.60% Fibonacci retracement at 26.60 during the previous session. However, it is likewise apparent that this two-week strong bullish momentum has allayed considerably this week, thus flashing some bearish signals. It is likely that the pair remains guided by the 55– and 100-hour SMAs for a brief period of time prior to breaching this support and edging lower. The nearest support is the 200-hour SMA and the weekly PP at 26.37, while a more probable target is the weekly S1 at 25.93. In case the aforementioned moving averages are not breached, the Lira should target the 38.20% Fibo retracement at 27.30 until early May.
by UnknownUnicorn890690
Will The TRYJPY Break Pivot Support?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
Short
by Sublime_Trading
Weakness on The TRYJPYWe 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 of March to inspire confidence of a continuation of this bear trend price is in. This is again where patience, something we repeatedly talk about, comes in as patience is rewarded with high-probability entry points into the trend. Following the breakout, we would then like to see price move towards the next round number of 20 and offer further compounding opportunities. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Short
by Sublime_Trading
TRY/JPY 1H Chart: Steady climb in sightThe Turkish Lira keeps sliding lower against the Japanese Yen. The pair has lost around 11.25% since its peak at 30.30 on January 5. A dominant pattern that is guiding the pair from this time is a descending channel. In terms of this week, the pair has been trading sideways with a slight tendency north. This movement began when the Lira reversed from the aforementioned channel near the 26.80 mark early this week. It is expected that the Turkish currency continues to move in the current up-wave. This appreciation, however, might become more flat, especially when the rate approaches the 200-hour SMA and the weekly PP circa 27.30. In addition, technical indicators signal that the bearish sentiment should allay, thus allowing the pair to reach the upper channel boundary near 27.40. In case bears take over the market, a fall below the weekly S1 at 26.60 is unlikely.
by UnknownUnicorn890690
TRYJPY Triggered And Moves Into Profit 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 exotic to make it into our portfolio for 2018 for the following reasons: Monthly - Price is trading below the low of 2017 and has been in trend since 2014. Weekly - Price is trading below the 200SMA and the 50SMA. Daily - Price is trading below the 200SMA and the 50SMA. Price spent most of 2017 in consolidation until we saw a break down in November. This was followed by a pullback which took price back into consolidation followed by a further break down at the start of 2018. We have since seen further breakouts to the downside this year and a confirmation of a bear trend.This can be seen in more detail on the daily time frame. In March, we have seen a new ATL create with price breaking through and retesting the November 2017 low followed by further breakouts. We have had our first position triggered with a small risk and a well placed stop-loss and have subsequent compounds lined up to take advantage of further weakness. It is very much early days but this currency is showing signs of trending well and handing out good profit. We would like to see weakness to the next support at the round number 20. As always, we will let our winning trades run. If it reverses, we will cut out for a small loss or no loss depending on when price reverses. Sublime Trading
Short
by Sublime_Trading
TRY/JPY 1H Chart: Lira pressured by strong resistanceThe movement of TRY/JPY has been guided by several patterns the most important of which for near-term trading is the seven-week channel down. Its upper boundary was tested early in February when the pair reversed from the monthly PP at 29.33. It is likely that the Lira continues depreciating against the Yen within the following trading sessions in line with the junior pattern (drawn with dashed lines). The pair could still push slightly higher in the short term; however, the combined resistance of the 55-, 100– and 200-hour SMAs and the weekly S1 is expected to provide an unbreakable barrier somewhere in the 28.65/28.95 area. A possible downside potential in this scenario could be the bottom boundary of a one-year descending channel circa 27.70. In case the aforementioned resistance cluster is breached, bulls should guide the Lira towards the weekly PP at 29.33.
by UnknownUnicorn890690
My Next Long Term Position TRYJPY LongI 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 peers in the world and with inflation and demographics of Turkey slowly going down I think soon we will see a major trend reversal here with significant strengthening of the Lira by more than 10-15%.
Long
by auroraspot
TRY/JPY 1H Chart: Lira moves away from historic lowThe 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 pattern yesterday might point to appreciation in both short and medium term; however, the upper line of the senior channel is yet to be breached circa 28.60. It is likely that the pair edges lower in this session and tries to make a retracement from the breached channel. However, the combined support of the 55-, 100– and 200-hour SMAs at 28.35 should limit further loses. This area is expected to mark a point of reversal from which the Lira might start its momentum north.
by UnknownUnicorn890690
TRY/JPY 1H Chart: Wedge near maturityThe 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 29.10 early in this session. The rate might still edge lower down to the 28.90 area where the bottom wedge boundary and the weekly S2 are located. In the unlikely event of a strong downside momentum, the rate might also fall until the monthly S2 and the weekly S3 at 28.35 are reached. By and large, the wedge should be breached to the upside during the following trading sessions, as it points to soon maturity. The scope of a subsequent surge is not yet clear. The monthly PP is located at the relatively distant 30.40 mark, while there are various weekly pivot points along the way.
Long
by UnknownUnicorn890690
1
TRY/JPY 1H Chart: Lira stranded in two patternsThe 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 should remain stable, breach the junior pattern and edge higher towards the 32.40 area in the medium term. In order to realise this scenario, the rate has to overcome a significant resistance area set by the monthly S3, weekly S2 and S1 and the 55-, 100– and 200-hour SMAs in the 30.15/50 territory. Even though some hindrance is likely to occur along the way, the pair should be able to overcome this area and appreciate during the following weeks. The southern side is limited solely by the aforementioned six-month low.
by UnknownUnicorn890690
TRY/JPY 1H Chart: Rate narrows trading rangeFollowing 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 chart, the rate is facing a resistance of the 200-, 100– and 55-hour SMAs, the 38.2% Fibo, the weekly PP and the monthly S2 in the 30.70/80 territory. This significant area is likely to hinder or even halt the pair from moving higher. Thus, it is more likely that the rate moves lower during this trading week, setting the weekly S2 and the monthly S3 at 13.16 as a possible downside target.
by UnknownUnicorn890690
TRY/JPY 1H Chart: Rising WedgeTRY/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.
by UnknownUnicorn890690