TRY/JPY may rise 370 - 470 pips

Our pivot point is at 4.72.

Our preference

The upside prevails as long as 4.72 is support.

Alternative scenario

The downside breakout of 4.72 would call for 4.70 and 4.68.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 4.72 and 4.73). Finally, the TRY/JPY is trading above its upper Bollinger band (standing at 4.77).

Supports and resistances

4.88 **

4.86 *

4.84 **

4.83

4.79 last

4.73

4.72 **

4.70 *

4.68 **

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