TRY/JPY Tops All Forex, Up 13 Pips; Breaks Above 50 and 100 Averages

TRY/JPY Price Recap

18.731 (USD) was the opening price of the day for TRY/JPY, resulting in yesterday being a day in which price moved up 13 pips 0.72% from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 14.13% from the day prior, but up 46.89% from the same day the week before. TRY/JPY outperformed all 40 assets in the Forex asset class yesterday. Congrats to its holders! The price chart of TRY/JPY below illustrates.

TRY/JPY Technical Analysis

Notably, TRY/JPY crossed above its 50 and 100 day moving averages yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 0.3 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. 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 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days TRY/JPY’s price has gone down 20 them.