| 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 | ⇘ | ⇘ | ⇘ |
The Turkish Lira has been depreciating against the Japanese Yen since the beginning of February. This movement has been bounded in the descending channel.
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.