Since the end of November, the TRY/JPY exchange rate has been trading upwards within a rising wedge pattern.
From a theoretical perspective, it is likely that the currency pair could breach the predetermined pattern south within the following trading sessions. In this case the pair could target the psychological level at 12.00.
Meanwhile, note that the exchange rate is supported by the 200-period moving average near 13.65. Thus, some upside potential could continue to prevail in the market.
