TRY/JPY 1H Chart: Downside potential likely to prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralBuyNeutral
Stochastic(5;3;3)NeutralBuyBuy
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

The Turkish Lira has been depreciating against the Japanese Yen since the beginning of April, when the TRY/JPY pair reversed south from the Fibonacci 23.60% retracement at 20.60.  

Currently, the currency pair is trading at the 18.60 level. Given, that the pair is pressured by the 55– and 100-hour SMAs, it is likely, that some downside potential could prevail in the market. The exchange rate could slump to the Fibonacci 61.80% retracement at 18.25. 

It is unlikely, that bulls could prevail in the market in the nearest future, and the rate could jump higher than the Fibonacci 38.20% retracement at 19.70.

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