The TRY/JPY exchange rate has been declining actively since the end of July. Currently, the rate is testing the psychological level at 14.35.
It is likely that some downside potential could continue to prevail in the market, as the currency pair is pressured by the 55-, 100– and 200-period moving averages in the 14.69/14.15.28 area.
Meanwhile, if the given psychological level holds, it is likely that a reversal north could occur, and the exchange rate could target the Fibonacci 61.80% retracement at 17.29.
