TRY/JPY may fall 760 - 860 pips

4.39 is our pivot point.

Our preference

As long as 4.39 is resistance look for 4.28.

Alternative scenario

Above 4.39, look for 4.41 and 4.43.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4.37 and 4.37).

Supports and resistances

4.43 **

4.41 *

4.39 **

4.38

4.37 last

4.29

4.28 **

4.27 *

4.25 **

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