USD/TRY on the Brink of High-Velocity Range Breakout: Keep an Eye on This Buy Zone

Forex Analysis by Investing.com (Günay Caymaz) covering: USD/TRY, JPY/TRY. Read Investing.com (Günay Caymaz)'s latest article on Investing.com

Factors such as the Central Bank of Turkey's tightening policy and Moody's credit rating upgrade have bolstered the Lira.in recent weeks, trading near the 33 level. While the pair briefly touched 32.78, a potential support level, it quickly rebounded, indicating a growing strength for the Lira.

Despite these headwinds, the Lira's appreciation against inflation and the ongoing efforts to reduce government spending suggest a potential for further strengthening. Yet, the CBRT's high-interest rate policy and fiscal austerity measures continue to weigh on economic growth, limiting the pace of Lira appreciation.

The pair has formed higher lows in recent sessions, suggesting a potential upward bias. A decisive break above 33.10 could open the way for a move towards 33.30-33.70.

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