TRY/JPY 3 Day Down Streak Snapped, in a Downtrend Over Past 90 Days; Bullish Engulfing Pattern in Play

TRY/JPY Price Recap

A moment of silence, please, for the end of TRY/JPY’s 3 day down streak; price ended yesterday up 52 pips (3.1%) to finish the day at a rate of 17.145. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 14.08% from the day prior, but up 93.14% from the same day the week before. Relative to other instruments in the Forex asset class, TRY/JPY ranked 3rd yesterday in terms of percentage price change. Let’s take a look at price chart of TRY/JPY.

TRY/JPY Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days TRY/JPY’s price has gone down 8 them. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 30, 14 and 90 day