TRY/JPY Down 1 Pips, in a Downtrend Over Past 30 Days; Doji and Pin Bar Patterns Appearing on Chart

TRY/JPY Price Recap

TRY/JPY is down 1 pips (0.08%) since yesterday (with its current price near 18.205), marking the 4th day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 8.16% from the day prior, but down 30.54% from the same day the week before. Relative to other instruments in the Forex asset class, TRY/JPY ranked 14th yesterday in terms of percentage price change. Here is a price chart of TRY/JPY.

TRY/JPY Technical Analysis

Coming into today the current price of TRY/JPY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 35 pips away. Related to the moving average crossover is that TRY/JPY may have broken its trend on the 14 day basis, as the trend’s momentum appears to be slowing down. Volatility for TRY/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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. For additional context, note that price has gone down 9 out of the past 10 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.