TRY/JPY Up 3 Pips; in a Downtrend Over Past 90 Days

TRY/JPY Price Recap

The choppiness in the recent daily price action of TRY/JPY continues; to start today, it comes in at a price of 18.225 US dollars, up 3 pips (0.15%) since yesterday. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 45.38% from the day before — and down 63.23% from the same day the week before. Relative to other instruments in the Forex asset class, TRY/JPY ranked 12th yesterday in terms of percentage price change. Below is a price chart of TRY/JPY.

TRY/JPY Technical Analysis

Coming into today TRY/JPY is now close to its 20, 50, 100 and 200 day averages, located at 18.4034, 18.4968, 18.6513 and 18.6599 respectively, and thus may be at a key juncture along those timeframes. 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 30 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.