JPYTRY trade ideas
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.
longI ll support the long scenario hunting 20 cents or more..
the good is that the overnight rate add some chains to the effort..i ll keep the position
Long squeeze in TRY/JPY After clearing the stops of the most vulnerable long traders the paths to the north is cleared.
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%.
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.
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.
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.
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.
TRYJPY /H4 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.
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.
TRYJPY 30MIN BOVery aggressive trade. support unlikely to hold, but if breaks out has chance to make new daily high.
TRY/JPY 28 Month Decline...OVER..? Its another one for the watch list, Although early days this week the Bulls have taken control price behaviour around the 33.000 area should give clues as to where this pair are heading..
Turksh Lira Crosses Since September 2013TRY has lost the most aganst USD and CHF. With EUR and GBP next. TRY has lost the least against JPY due to BOJ easing policy 2012
JPY Crosses since May 2016If risk off then JPY will continue to appreciate, if equities risk on then JPY will depreciate
