TRY/JPY may rise 280 - 380 pips

Our pivot point stands at 4.68.

Our preference

Our next up target stands at 4.78.

Alternative scenario

The downside breakout of 4.68 would call for 4.66 and 4.65.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is above its 20 and 50 period moving average (respectively at 4.74 and 4.74).

Supports and resistances

4.81 **

4.79 *

4.78 **

4.77

4.74 last

4.69

4.68 **

4.66 *

4.65 **

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