TRY/JPY may fall 430 - 630 pips

Our pivot point stands at 4.14.

Our preference

The downside prevails as long as 4.14 is resistance.

Alternative scenario

Above 4.14, look for 4.18 and 4.20.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4.12 and 4.12). Finally, the TRY/JPY is trading below its lower Bollinger band (standing at 4.09).

Supports and resistances

4.20 **

4.18 *

4.14 **

4.13

4.07 last

4.03

4.01 **

3.99 *

3.96 **

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