TRY/JPY 4H Chart: Pressured by moving averages - Trade Pattern Ideas - Dukascopy Bank
Fri, 03 Jan 2020 06:58:53 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Neutral
Stochastic(5;3;3)
Neutral
Buy
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Buy
Aggregate
⇘
⇒
⇒
The Turkish Lira has been depreciating against the Japanese Yen since the middle of November after the TRY/JPY currency pair reversed south from the upper boundary of the medium-term descending channel at 19.40.
Currently, the exchange rate is testing the support level, formed by the monthly S3 at 18.08. From a theoretical point of view, some downside potential could continue to dominate the market in the short-term future.
However, if the given support level holds, the expected decline might not be immediate, and the currency exchange rate could make a brief upside retracement during the following trading sessions.
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