TRY/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Turkish Lira has been in a descending channel pattern against the Japanese Yen since November 2014. However, there are also two additional channel down patterns in the borders of the massive, almost two year pattern. First of all there is the medium term channel down pattern, which represents the currency exchange rates attempts to break through the massive channel's resistance line. Secondly is a smaller pattern, in accordance with which the rate has been trading, as the pair moved from the medium term pattern's support to its resistance line in the previous month. Due to the complexity of the situation, additional information is required to trade the pair. Here comes in the SWFX market sentiment, which indicates at an upcoming fall, as 71% of open positions are long.
© Dukascopy Bank SA
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