| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Sell | Sell |
| RSI (14) | Neutral | Neutral | Buy |
| Stochastic (5; 3) | Sell | Sell | Neutral |
| Alligator (13; 8; 5) | Sell | Sell | Sell |
| SAR (0.02; 0.2) | Sell | Sell | Sell |
| Aggregate | ⇘ | ⇘ | ⇒ |
The Turkish Lira has depreciated substantially against the Japanese Yen during the past few months. This movement has been stranded in a descending channel with a diminishing trading range.
The pair's failure to reach the lower boundary of this pattern for a few weeks suggests that an upside breakout might be due soon. And it seems that the Lira has been gradually moving towards the realisation of such a scenario, especially following a reversal from a many-year low of 27.50 on March 3.
Technical indicators suggest that the pair could edge lower during the following trading session due to the bearish pressure of the 55–, 100– and 200-hour SMAs circa 27.90. A possible downside target is the 27.50 area.
Subsequently, bulls should gather enough momentum to dash through the senior channel, the monthly R1 and the 23.60% Fibo in order to approach the 38.20% Fibo during the following two weeks.