Trade Pattern Ideas

TRY/JPY 1H Chart: Two scenarios likely
Tue, 17 Sep 2019 11:17:46 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuySell
SAR(0.02;0.2)SellBuySell
Aggregate

The Turkish Lira has been appreciating slightly against the Japanese Yen since the end of August after the TRY/JPY exchange rate tried to surpass the support level –the Fibo 61.80% at 18.25.  

Note that the currency pair is supported by the 200-hour moving average, currently located at 18.79. Thus, it is likely, that the pair could maintain its growth. A possible upside target is the resistance level formed by the Fibo 38.20% and the monthly R1 at 19.70.  

However, note that the rate has to surpass the resistance level formed by the Fibo 50.00% at 18.98. If the given resistance holds, it is likely that a reversal south could occur, and the pair could re-test the given support level within the following trading sessions


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