TRYJPY closes higher for the 5th day in a row
Turkish Lira/Japanese Yen (TRYJPY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, TRYJPY finished the month -0.38% lower at 15.75 after gaining 6 pips (0.38%) today. Closing above Monday's high at 15.74, the forex pair confirmed its breakout through the previous session high after trading up to 2 pips above it intraday.
Daily Candlestick Chart (TRYJPY as at Jun 30, 2020):
Tuesday's trading range has been 9 pips (0.57%), that's below the last trading month's daily average range of 21 pips. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TRYJPY.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 15.76 during the day, the FX pair found resistance at the 20-day moving average at 15.76. After having been unable to move above 15.74 in the prior session, the pair ran into sellers again around the same price level today, failing to move higher than 15.76. The last time this happened on June 26th, TRYJPY actually gained 0.32% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling could speed up should prices move below the close-by swing low at 15.55 where further sell stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Its common bearish interpretation has been confirmed for TRY/JPY. Out of 131 times, TRYJPY closed lower 56.49% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 58.78% with an average market move of -0.25%.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.82% and NZDUSD closing 0.53% higher. On the flipside the worst performers have been USDCAD closing -0.62% lower and USDCHF losing -0.41%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPZAR surging 1.31% and GBPJPY closing 1.16% higher. The worst performers of the day have been USDNOK tanking -1.51% and EURGBP closing -0.9% lower. Read more