TRY/JPY may rise 330 - 430 pips

Our pivot point stands at 4.38.

Our preference

Look for a drop towards 4.38 before a bounce.

Alternative scenario

The downside breakout of 4.38 would call for 4.36 and 4.34.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 4.38 and 4.38).

Supports and resistances

4.47 **

4.45 *

4.44 **

4.43

4.40 last

4.39

4.38 **

4.36 *

4.34 **

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