| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Sell | Sell | Neutral |
| SAR(0.02;0.2) | Sell | Sell | Sell |
| Aggregate | ⇘ | ⇘ | ⇘ |
[ANNOUNCE] The Turkish Lira has been depreciating against the Japanese Yen since the beginning of February. This movement has been bounded in the descending channel. [/ANNOUNCE]
As apparent on the chart, the exchange rate has already reversed north from the lower channel line at 20.25. From a theoretical point of view, the rate should target the upper channel line located in the 20.50/20.65 range.
However, given that the currency pair is pressured by the 55– and 200-hour SMAs, it is likely that some downside potential prevails in the market, and the rate re-tests the lower channel line. If given trend does not hold, a breakout south occurs within following sessions. A possible downside target is the psychological level at 19.80.