TRY/JPY 1H Chart: Previous forecast at work
The previous forecast worked, and the TRY/JPY currency pair continued to trade in a short-term ascending channel.
As apparent on the chart, the exchange rate is supported by the 55-, 100– and 200-hour SMAs near the 19.80 mark. It is expected that the pair surges towards the resistance cluster formed by a combination of the weekly R3 and the monthly R2 in the 20.42/20.69 range.
However, if above-mentioned moving averages do not hold, it is likely that the rate goes downwards to re-test the lower channel line in the 19.60/19.80 area.
As apparent on the chart, the exchange rate is supported by the 55-, 100– and 200-hour SMAs near the 19.80 mark. It is expected that the pair surges towards the resistance cluster formed by a combination of the weekly R3 and the monthly R2 in the 20.42/20.69 range.
However, if above-mentioned moving averages do not hold, it is likely that the rate goes downwards to re-test the lower channel line in the 19.60/19.80 area.