TRY/JPY 4 Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Turkish Lira is simultaneously trading in two ascending channels against the Japanese Yen. However, most recently the currency exchange rate reached the upper trend line of the dominant channel. That fact hints at a possible short term change of the direction, as the medium term ascending channel, which guided the rate from the long term pattern's lower trend line to its resistance, is set to become obsolete. In the meantime, traders have to take into account that the currency pair is being highly affected by the Fibonacci retracement levels, which are measured by connecting the June 23 2016 high and January 12 2017 low levels. Particularly, the 23.60% retracement level is providing resistance at 31.16.
© Dukascopy Bank SA
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