Since the end of November, the TRY/JPY exchange rate has been trading upwards within an ascending channel.
From a theoretical point of view, it is likely that the currency pair could continue to appreciate within the predetermined channel. In this case the pair could reach the Fibo 38.20% at 15.88 by the beginning of April.
Meanwhile, note that the exchange rate is supported by the 55-, 100– and 200-period moving averages in the 14.40/15.00 range. Thus, a breakout south could occur, and the pair could raise to the Fibo 50.00% at 17.05.