TRY/JPY may fall 340 - 540 pips

Our pivot point is at 4.84.

Our preference

The downside prevails as long as 4.84 is resistance.

Alternative scenario

The upside breakout of 4.84, would call for 4.86 and 4.88.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4.80 and 4.81).

Supports and resistances

4.88 **

4.86 *

4.84 **

4.82

4.76 last

4.73

4.71 **

4.70 *

4.68 **

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