The TRY/JPY currency pair has been trading downwards within a descending channel since the beginning of June.
From a theoretical perspective, it is likely that the exchange rate could continue to decline within the given channel in the medium term. In this case the rate could gain support from the monthly S1 at 15.40.
Meanwhile, note that the currency pair could gain support from the 200-hour SMA near 15.65. Thus, it is likely that the pair could breach the predetermined channel north in the nearest future and target the monthly R1 at 16.22.
