TRY/JPY may rise 480 - 680 pips

Our pivot point stands at 4.07.

Our preference

Rebound towards 4.20.

Alternative scenario

The downside breakout of 4.07 would call for 4.03 and 4.01.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4.13 and 4.15).

Supports and resistances

4.24 **

4.22 *

4.20 **

4.18

4.13 last

4.08

4.07 **

4.03 *

4.01 **

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