TRY/JPY 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Turkish Lira recently reached the combined resistance of a large scale descending wedge's resistance line and the 200-day period SMA against the Japanese Yen. Afterwards, the currency exchange rate bounced off the combined resistance and moved lower. In the following decline of the currency pair a short term falling wedge formed. However, it is clear that the short term wedge will not stick, as its lines close in one on another very soon. Due to that, it is most likely that the pair is actually forming a new, medium term pattern, and the falling wedge is its first move. Although, the continuation of the pairs fall is support by the fact that the currency pair is already overbought, as 71% of open SWFX positions are long.
© Dukascopy Bank SA
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