| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Sell | Sell |
| RSI (14) | Buy | Buy | Buy |
| Stochastic (5; 3) | Neutral | Buy | Neutral |
| Alligator (13; 8; 5) | Sell | Sell | Sell |
| SAR (0.02; 0.2) | Sell | Sell | Sell |
| Aggregate | ⇒ | ⇒ | ⇒ |
The movement of TRY/JPY has been bounded in an descending channel during the past three weeks. This pattern is a part of a medium-term channel which has prevailed since early 2018.
Given that the pair breached the senior channel last week, traders are expected to see a retracement from its bottom boundary circa 25.45. It is likely that this mark, reinforced by the 100– and 200-hour SMAs and the weekly PP, surrenders under the bullish pressure and allows for further advance towards the medium-term channel located near 26.30.
In terms of downside potential, the nearest support is set by the weekly and monthly S3s circa 24.00, while no other barriers are located nearby. It is unlikely that the pair falls below this 24.00. If such situation occurs, the next target is the 23.00 mark.