TRY/JPY 4 Day Up Streak Snapped, in a Downtrend Over Past 90 Days; Doji Pattern Appearing on Chart

TRY/JPY Price Recap

TRY/JPY, currently priced near 18.205, is down 3 pips 0.16% since yesterday, marking a reversal from the day prior — and the end of a 4 day positive run. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 43.03% from the day prior, but down 43.76% from the same day the week before. Out of the 40 instruments in the Forex asset class, TRY/JPY ended up ranking 25th for the day in terms of day-over-day price change. The price chart of TRY/JPY below illustrates.

TRY/JPY Technical Analysis

Coming into today the current price of TRY/JPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for TRY/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 up 7 them. Also, candlestick traders! Note we see doji pattern appearing here as well.