TRY/JPY Price Recap
TRY/JPY is up 1 pips (0.05%) since yesterday (with its current price near 18.235), marking the 2nd day in a row an increase has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 5.11% from the day prior, but down 66.6% from the same day the week before. Relative to other instruments in the Forex asset class, TRY/JPY ranked 19th yesterday in terms of percentage price change. Here is a price chart of TRY/JPY.
TRY/JPY Technical Analysis
The first thing we should note is that TRY/JPY is now close to its 20, 50, 100 and 200 day averages, located at 18.3806, 18.4813, 18.6468 and 18.6582 respectively, and thus may be at a key juncture along those timeframes. Volatility for TRY/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days TRY/JPY’s price has gone up 15 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!