TRY/JPY 1H Chart: Steady climb in sight
The 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.
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.