TRY/JPY may rise 370 - 470 pips

Our pivot point stands at 4.79.

Our preference

The upside prevails as long as 4.79 is support.

Alternative scenario

The downside breakout of 4.79 would call for 4.76 and 4.75.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 4.84 and 4.84).

Supports and resistances

4.94 **

4.92 *

4.90 **

4.89

4.85 last

4.80

4.79 **

4.76 *

4.75 **

Number of asterisks represents the strength of support and resistance levels.