JPYTRY pops to highest close ever
Japanese Yen/Turkish Lira (JPYTRY) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, JPYTRY ended Wednesday at 0.07153 surging 46 pips (0.65%). This is the biggest single-day gain in over three weeks. Today's close at 0.07153 marks the highest recorded closing price ever. Closing above Tuesday's high at 0.07112, the pair confirmed its breakout through the previous session high after trading up to 67 pips above it intraday.
Daily Candlestick Chart (JPYTRY as at Sep 16, 2020):
Wednesday's trading range has been 77 pips (1.08%), that's slightly below the last trading month's daily average range of 89 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JPYTRY.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since September 8th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 0.06996 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on September 8th, JPYTRY actually lost -0.07% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for JPY/TRY. Out of 559 times, JPYTRY closed higher 49.37% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.35% with an average market move of 0.57%.