Fundamentals still supportive!
Lira versus Yen did not go quite the way I had expected for November, mainly due to suprise US elections outcome. As it was not a fundamental reason for TRY or JPY, the general reaction just occured later - during the current week. 7th and 8th of december were when both lines I sketched previous month (resistance and downtrend) were succefully broken. I believed more and more that it had to happen as the situation evolved. There were no real fundamentally bad news from Turkey, except the President being against Central Bank's decisions. Finally, the negative terrorism and coup-like streak of news from Turkey seem to have ceased for a while, or even for a longer time.
We had Current Account deficit tightening to -1.68B (11 Nov), Budget Balance ameliorating to -0.1B (15 Nov, from -16.9B), most of rates in Turkey hiked on 24 Nov together with steady Manufacturing Confidence (103.7 24 Nov) and Capacity Utilization (staying 76.4% 24 Nov). On 29 Nov we have seen foreign arrivals decline stopped a little (-25.8% from -32.84%) signalling maybe a start of reversal of tourism stagnation. Trade balance also improved (-4.16B from -4.36B, 30 Nov), exports rose to 11.95B (1 Dec). CPI YoY declined to 7% (5 Dec, from 7.16%) while PPI rose to 6.41%YoY (from 2.84%!) - and it is all after a rate hike! In the morning today (8 Dec) we also had an information of Industrial Production rising 2% YoY.
On the downside, we had only the Treasury going -7.21B (7Dec) not being extreme for Turkey, some decline in Consumer Confidence (68.9 Nov 22) and a little increase in Jobles 3M average (11.3%).
Fundamentals clearly tell us there is almost nothing to be afraid according to Turkish economy. I do not give Japanese data here, although it was also nice recently. JPY is not that much driven by economic reads from Japan and what Japan needs to sustain positive reads is depreciated Yen.
What are the long term outlooks for now on the pair?

We have the previous resistance likely to become a strong support. The perspectives for TP are on 35.2 for the 1st resistance, then if broken we go straight near the 44 level! This is already a very tasty piece of trade for Carry Traders and could come the best opportunity for year 2017, especially as the move from the break of 35.2 will very likely be a fast one. If 44 is broken succesfully, there might be a short stop on around 47, and a strong barrier of 54, that is unlikely to be broken at all. I believe that the level of 44 is reasonably achievable if the economy of Turkey will keep its healthy pace. Generally the highest it could go for now, until something really special happens, is 47, as upward from it we have historical all-time highs. 44 is an interesting level, as additionally to being resistance, it was a crucial line before the huge downward breakout. TRYJPY is definitely a pair to watch for the upcoming months - we can get very high overnights combined with a huge chunk from the market exceeding profit of 25% on position, even if unleveraged.

Emerging markets out of fashion after US hikes?
The main counterargument for my predictions would be a hiking path of FED right now. It is likely going to be even faster after the Trump's win. I personally do not believe that Exotics would be forgotten at all, even if FED reaches 5% faster than we expect. One good reason for exotic pairs is that their rates are twice as high as Fed target rate for the end of hiking path, and this is the current rates of emerging markets. Moreover, as US will hike rates, EMs are likely to follow - appreciating USD is likely to cause more inflation for EMs, forcing them to hike as to suppress inflation a little. The scenario of EMs lowering rates while US hiking is very unlikely.
Another proof for EMs not getting out of fashion is that after the initial selloff across EM cirrencies, we had a big rebound. Those were significant moves not only on lira, but also ZAR, for example.
Only for carry?
Daytraders and other more active traders could also find a nice trade here right now - SL under 33 with TP on 35/44 is a great risk/profit ratio right now. The pair is also moving fast enough to expect some big changes in the price levels here on a daily/weekly intervals. We have high Directional Movement Index with steady ATR and trend Momentum.
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