TRY/JPY may rise 290 - 490 pips

Our pivot point is at 4.28.

Our preference

Rebound.

Alternative scenario

The downside breakout of 4.28 would call for 4.26 and 4.24.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (4.34) but below its 50 period moving average (4.35).

Supports and resistances

4.41 **

4.40 *

4.39 **

4.37

4.34 last

4.29

4.28 **

4.26 *

4.24 **

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