I have stood the Y up correctly as in ancient petroglyphs and Celtic runic form and explain it clearly as Protection:
It is named: ALGIZ (Z or-R: ELK, Protection.) Protection, a shield. The protective urge to shelter oneself or others. Defense, warding off of evil, shield, guardian. Connection with the gods, awakening, higher life. It can be used used to channel energies appropriately. Follow your instincts. Keep hold of success or maintain position won or earned.
The Y or ALGIZ reversed: or Merkstave: Hidden danger, consumption by divine forces, loss of divine link. Taboo, warning, that which repels.