TRY / JPY is a minor currency pair and few people trade very much. However, since the price movement is very small, it is recommended as a currency pair for practice for Forex beginners. Similar to ZAR / JPY, the price movement is very small and it is quite difficult to accumulate profits. It may not be very suitable for strategies that take a large price range.
Difficulty
Recommended for beginners. Since extreme price movements are unlikely to occur, it is unlikely that all funds will disappear with one shot. There is a sense of stability, but since the price movement does not occur so much, a big trend does not occur easily. You should think of it as a practice. For those who want to trade in earnest, we recommend major currencies.
Recommended trading time
The Japanese yen moves in Asian time. Turkish lira moves well in European time. Therefore, it moves widely from Asian time to European time, so it is recommended for 24 hours.
Recommended trading style
The Turkish lira does not fluctuate very much. The Japanese yen is also stable, so it does not move much. Therefore, it may not be very suitable for scalping and day trading. It will be a currency pair for swing trading.
Economic indicators to watch out for
As an economic indicator, the economic indicators on the Japanese side are at a level where you do not have to worry too much. Even if it moves, is it about the Bank of Japan’s policy interest rate, GDP, and unemployment rate?
Turkey’s economic indicators are at a level where you don’t have to worry too much. Even if it moves, is it about the policy interest rate, GDP, unemployment rate?
When Japanese Yen is bought
Japan is also said to be a country whose nationality cannot change. Since it is such a country, it often fluctuates for external reasons rather than the influence of economic indicators. The timing of yen buying is very advanced when the world situation becomes unstable such as infectious diseases, financial shocks, and wars.
Timing of Turkish lira movement
You can rest assured that the liquidity is lower than the dollar and euro. However, when the Turkish lira plunged due to US economic sanctions in the past, the Turkish lira yen also plunged to about 15 yen. Therefore, always be aware of politics and international affairs.
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