A lot has happened lately on lira, and most of events dragged this currency down. When it comes to TRYJPY movement was especially strong as safe haven flows were strong lately. We can see the area of 33.0-33.5 to be a strong support for quite a some time, yet TRYJPY is making lower highs under the descending trendline all the time.
Main fundamental reasons for TRYJPY going downwards lately were:
- Brexit (omg, like it really does something to Tukey or Japan!).
- Terrorist attacks happening in Turkey.
- ISIS being close to Turkey.
- General disorder, plus coup etc.
- Some international quarells with Russia and US.
- Safe haven flows.
- Credit rating being cut.
- Many warzones are near Turkey.