TRY/JPY Heads Down For the 2nd Day In A Row; in a Downtrend Over Past 90 Days

TRY/JPY Price Recap

TRY/JPY is down 4 pips (0.22%) since yesterday (with its current price near 18.165), marking the 2nd day in a row a decrease has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 62.19% from the day prior, and up 22.34% from the same day the week before. Out of the 40 instruments in the Forex asset class, TRY/JPY ended up ranking 26th for the day in terms of day-over-day 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 and 50 day averages, located at 18.3262 and 18.4511 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. 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.