TRY/JPY Price Recap
TRY/JPY is down 6 pips (0.31%) since yesterday (with its current price near 18.108), marking the 3rd day in a row a decline has happened. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 23.43% from the day before — and down 29.51% from the same day the week before. Relative to other instruments in the Forex asset class, TRY/JPY ranked 38th yesterday in terms of percentage price change. The price chart of TRY/JPY below illustrates.
TRY/JPY Technical Analysis
The first thing we should note is that the current price of TRY/JPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days TRY/JPY’s price has gone up 7 them.