TRY/JPY 4H Chart: Two Scenarios Likely

The TRY/JPY exchange rate continued to decline within the falling wedge pattern.

From a theoretical perspective, it is likely that the currency pair could breach the given pattern north within the following trading sessions. In this case the pair could try to exceed the monthly R1 at the 14.50 mark.

In the meantime, note that the exchange rate is pressured by the 55-, 100– and 200-period moving averages in the 14.00 area. Thus, some downside potential could prevail in the market.