| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Buy | Buy | Sell |
| SAR(0.02;0.2) | Buy | Buy | Buy |
| Aggregate | ⇗ | ⇗ | ⇒ |
The Turkish Lira has been appreciating against the Japanese Yen since the beginning of June. This movement has been bounded in the rising wedge pattern.
As apparent on the chart, the TRY/JPY exchange rate has been trading along the lower wedge line since last Friday. From a theoretical perspective, it is likely, that the rate could reverse north and target the upper wedge line located in the 19.35/19.50 range.
However, note, that the currency pair has to surpass the resistance level formed by the weekly and monthly R1s at 19.11. If the given resistance holds, it is expected, that the pair could re-test the lower wedge line in the nearest future. If the given pattern does not hold, a breakout south could occur.