TRY/JPY may rise 480 - 580 pips

4.75 is our pivot point.

Our preference

As long as 4.75 is support look for 4.88.

Alternative scenario

Below 4.75, expect 4.72 and 4.70.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 4.82 and 4.82).

Supports and resistances

4.92 **

4.90 *

4.88 **

4.87

4.82 last

4.76

4.75 **

4.72 *

4.70 **

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