The Turkish Lira has been depreciating against the Japanese Yen within the descending channel since the beginning of March.

As apparent in the chart, the TRY/JPY currency pair re-tested the lower channel line at the beginning of April. Thus, from a theoretical point of view, it is likely that short-term increase is expected, as the pair should reach the upper channel line in the 16.60/17.00 area.

If the given channel holds, it is likely that the exchange rate could continue to trade downwards within it in the medium term. Otherwise, a breakout north could follow. In this case the rate could face the resistance level—the monthly R1 at 17.32.

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