TRY/JPY Makes Big Move Relative to Two Week Trend, Moves Down For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days

TRY/JPY Price Recap

TRY/JPY is down 14 pips (0.77%) since yesterday (with its current price near 18.09), 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 43.29% from the day prior, and up 0.93% from the same day the week before. Relative to other instruments in the Forex asset class, TRY/JPY ranked 34th yesterday in terms of percentage price change. The price chart of TRY/JPY below illustrates.

TRY/JPY Technical Analysis

Coming into today TRY/JPY is now close to its 20 and 50 day averages, located at 18.221 and 18.3671 respectively, and thus may be at a key juncture along those timeframes. Something else of critical noteworthiness is that TRY/JPY may have broken its trend on the 30 day basis, as the trend’s momentum appears to be slowing down. 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. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days TRY/JPY’s price has gone down 6 them.