TRY/JPY Price Recap
TRY/JPY is down 17 pips (0.94%) since yesterday (with its current price near 17.92), marking the 3rd day in a row a decline has happened. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 6.99% from the day prior, and up 41% from the same day the week before. On a relative basis, TRY/JPY was the worst performer out of all 40 of the assets in the Forex asset class. Or, to put it another way…
More importantly, let’s take a look at 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 and 50 day moving averages, which may act as price barrier for the asset. Volatility for TRY/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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. For additional context, note that price has gone down 8 out of the past 14 days.