Why is the Turkish lira crawling?
The beginning of the month was quite eventful for the Turkish lira. However, this week it started to lose its volatility. What is happening?
USD/JPY: bulls saw a bat
On the USD/JPY daily chart, Bulls settled in above the important level at 112.07. They are going to attack the diagonal resistance in the form of the upper border of the downward long-term channel. Its successful test will increase the risks for the realization of the Bat pattern. Its target 127.2% is located near 117.4.
On the USD/jPY, the Dragon pattern is relevant. An update of June high (the Dragon’s head) will create prerequisites for the continuation of the rally towards the convergence zone 113.7 – 113.75 (target 161.8% in the AB=CD + level 88.6^ from the last downward wave) and higher.
Anastasia Mileshkina
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