| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Buy | Sell | Sell |
| RSI (14) | Neutral | Neutral | Buy |
| Stochastic (5; 3) | Neutral | Neutral | Neutral |
| Alligator (13; 8; 5) | Buy | Sell | Sell |
| SAR (0.02; 0.2) | Buy | Buy | Sell |
| Aggregate | ⇗ | ⇒ | ⇘ |
TRY/JPY is trading in two patterns simultaneously. The senior one is a one-year channel down, while the junior pattern is an ascending wedge formed on May 23. The latter was breached today.
From theoretical point of view, this should result in a decline. However, given that the Lira has been respecting the senior channel for a year, it is expected that the current up-move continues until the upper channel line located near 27.75 is reached within the following two weeks. Technical indicators on the daily time-frame likewise support a surge in the medium term.
The aforementioned short-term decline might occur during the following session or two, with support being located at the weekly S1 or S2 at 23.75 and 23.00, respectively.