| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Buy | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Sell | Buy | Sell |
| SAR(0.02;0.2) | Sell | Buy | Sell |
| Aggregate | ⇘ | ⇗ | ⇘ |
The TRY/JPY exchange rate has been trading within the descending channel since March. Last week, the rate reversed south from the upper channel line at 19.10.
From a theoretical point of view, it is expected, that the currency pair could go downside, targeting the lower channel line in the 16.40/16.80 range.
However, this decline might not be immediate, as the pair has to surpass the support level formed by the Fibonacci 61.80% and the monthly PP at 18.26. Also, the rate could be supported the monthly S1 at the 17.80 mark.
It is unlikely, that bulls could prevail in the market, and the Turkish Lira could exceed the 19.00 level due to the resistance formed by the monthly R1 and the Fibonacci 50.00% retracement.