The TRY/JPY currency pair represents the exchange of risk on against the risk off sentiment in the markets, as the turmoil in Turkey has beaten the Lira down to historical low levels against the Japanese Yen. However, most recently ascending channels have formed as a result of a fundamentally induced rebound. The pair is simultaneously trading in tow ascending channel patterns, from which the dominant one is more vertically inclined. Most recently the currency exchange rate seems to be getting squeezed into a short term triangle pattern, as the support and resistance are provided by two various channels. It is most likely that the currency exchange rate will break out to the upside to continue on its path in the dominant channel.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 9.54 | 23.60% Fibo | MACD (12; 26; 9) | Sell | Buy | Buy | ||
| R3 | 9.46 | Weekly PP; monthly R1 | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 9.41/42 | Trend line; 55-period SMA | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 9.37 | 100-period SMA | ADX (14) | Neutral | Neutral | Neutral | ||
| S1 | 9.34 | Weekly S1 | CCI (14) | Neutral | Neutral | Sell | ||
| S2 | 9.30/26 | 38.20%; trends; 200-p SMA; month's PP | AROON (14) | Buy | Buy | Buy | ||
| S3 | 9.22 | Weekly S2 | Alligator (13; 8; 5) | Sell | Buy | Buy | ||
| S4 | 9.17 | Monthly S1 | SAR (0.02; 0.2) | Sell | Sell | Buy | ||
| Aggregate | ↘ | → | ↗ |