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TRY/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
For the past few weeks the Turkish Lira has formed a medium term ascending channel pattern against the Japanese Yen, as the currency exchange rate trades in the border of two larger scale patterns. On a few month time frame the currency pair is also in an ascending channel pattern, which is aimed at the upper trend line of the more than one year old descending channel. The Lira is set to surge in the upcoming weeks until it bounces off from one of the three pattern upper trend lines or a combination made up of them. In the meantime, the surge is set to be hindered by the 23.60% Fibonacci retracement level at 31.73, which is measured by connecting the 2017 January low level with the level of March 31 2016.
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