It is likely that the Lira continues depreciating against the Yen within the following trading sessions in line with the junior pattern (drawn with dashed lines). The pair could still push slightly higher in the short term; however, the combined resistance of the 55-, 100– and 200-hour SMAs and the weekly S1 is expected to provide an unbreakable barrier somewhere in the 28.65/28.95 area. A possible downside potential in this scenario could be the bottom boundary of a one-year circa 27.70.
In case the aforementioned resistance cluster is breached, bulls should guide the Lira towards the weekly PP at 29.33.
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