TRY/JPY Heads Up For the 3rd Day In A Row; in a Downtrend Over Past 14 Days

TRY/JPY Price Recap

TRY/JPY is up 16 pips (0.88%) since yesterday (with its current price near 17.675), marking the 3rd day in a row an increase has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 20.54% from the day prior, but up 34.67% from the same day the week before. Relative to other instruments in the Forex asset class, TRY/JPY ranked 4th yesterday in terms of percentage price change. Let’s take a look at price chart of TRY/JPY.

TRY/JPY Technical Analysis

The first thing we should note is that 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days.