TRY/JPY 1H Chart: Wedge near maturity
The Turkish Lira has been stranded in two major patterns against the Japanese Yen. The dominant one is a descending triangle which was formed as early as mid-2016. Meanwhile, a more recent one is a falling wedge. It has constrained the rate in a downward-sloping movement for the last three months as a result of which the Lira moved slightly below its 2017 low of 29.10 early in this session.
The rate might still edge lower down to the 28.90 area where the bottom wedge boundary and the weekly S2 are located. In the unlikely event of a strong downside momentum, the rate might also fall until the monthly S2 and the weekly S3 at 28.35 are reached.
By and large, the wedge should be breached to the upside during the following trading sessions, as it points to soon maturity. The scope of a subsequent surge is not yet clear. The monthly PP is located at the relatively distant 30.40 mark, while there are various weekly pivot points along the way.
The rate might still edge lower down to the 28.90 area where the bottom wedge boundary and the weekly S2 are located. In the unlikely event of a strong downside momentum, the rate might also fall until the monthly S2 and the weekly S3 at 28.35 are reached.
By and large, the wedge should be breached to the upside during the following trading sessions, as it points to soon maturity. The scope of a subsequent surge is not yet clear. The monthly PP is located at the relatively distant 30.40 mark, while there are various weekly pivot points along the way.
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