TRY/JPY 3 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart

TRY/JPY Price Recap

After 3 down days, TRY/JPY snaps its streak, rising 0 pips (0.03%) over the past day to close at an exchange rate of 17.925. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 17.16% from the day prior, and up 313.67% from the same day the week before. Relative to other instruments in the Forex asset class, TRY/JPY ranked 20th yesterday in terms of percentage price change. Below is a price chart of TRY/JPY.

TRY/JPY Technical Analysis

The first thing we should note is that TRY/JPY is now close to its 20 and 50 day averages, located at 18.1805 and 18.3334 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.