TRY/JPY 1H Chart: Supported by 100-period SMA
The Turkish Lira has been appreciating against the Japanese Krone since the pair reversed from the 2017/2018 low at 15.63. This movement has been bounded in a medium-term ascending channel.
As apparent on the chart, the exchange rate is testing the lower trend line at 18.48. Also, the pair is supported by the 100-period (4H) SMA at 18.27. From the theoretical point of view, the currency pair should make a reverse and go upside. Potential target could be the 19.20/19.40 range.
However, if given channel does not hold, a breakout might occur in the nearest future, and the rate might aim for the weekly PP at 18.07.
As apparent on the chart, the exchange rate is testing the lower trend line at 18.48. Also, the pair is supported by the 100-period (4H) SMA at 18.27. From the theoretical point of view, the currency pair should make a reverse and go upside. Potential target could be the 19.20/19.40 range.
However, if given channel does not hold, a breakout might occur in the nearest future, and the rate might aim for the weekly PP at 18.07.