TRY/JPY may fall 350 - 550 pips

Our pivot point is at 4.27.

Our preference

Under pressure below 4.27.

Alternative scenario

The upside breakout of 4.27, would call for 4.31 and 4.33.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4.24 and 4.23).

Supports and resistances

4.33 **

4.31 *

4.27 **

4.26

4.21 last

4.17

4.15 **

4.13 *

4.11 **

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