TRY/JPY 1H Chart: Short-term channel in sight - Trade Pattern Ideas - Dukascopy Bank

Wed, 13 Mar 2019 11:29:44 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellNeutral
SAR(0.02;0.2)SellSellSell
Aggregate

The Turkish Lira has been depreciating against the Japanese Yen since the beginning of February. This movement has been bounded in the descending channel.  

As apparent on the chart, the exchange rate has already reversed north from the lower channel line at 20.25. From a theoretical point of view, the rate should target the upper channel line located in the 20.50/20.65 range.  

However, given that the currency pair is pressured by the 55– and 200-hour SMAs, it is likely that some downside potential prevails in the market, and the rate re-tests the lower channel line. If given trend does not hold, a breakout south occurs within following sessions. A possible downside target is the psychological level at 19.80.


Back to feed
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.