The Turkish Lira has been depreciating against the Japanese Yen since the beginning of October after the TRY/JPY exchange rate failed to surpass the psychological level at 19.20.
Note that the currency pair is supported by the 55-, 100– and 200-hour moving averages, currently located circa 18.40. Therefore, it is likely that some upside potential could prevail in the market, and the pair could re-test the given psychological level. However, the expected advance might not be immediate, as the rate has to surpass the monthly PP and the Fibo 50.00%, located at 18.34 and 18.98 respectively.
On the other hand, bears could prevail in the market, and the Turkish Lira could continue to decline against the Japanese Yen. In this case the rate has to surpass the support level formed by the Fibo 61.80% at 18.25.