TRY/JPY 1H Chart: Lira remains near breached channel
TRY/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.
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.