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    Baxia Markets
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    October 12, 2021

    USDJPY: Is it time to return?

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    The price broke out the Bollinger Bands on Oct 8th. Since then, the price had not returned to enter the Bollinger Bands; until recently, the price seemed to meet resistance around 113.344. Previously the upward trend was drastic. Although this kind of movement always makes big fluctuations, the extreme high or low level cannot last long; it is unstable.

     

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    The Stochastics and RSI have already entered the overbought level since the beginning of the breakout, which means the high point is very delicate now; the crash may take place at anytime. The Ichimoku cloud is moving up; however, it also becomes thinner. Now, the price line returned back to inner Bollinger Bands; the Bull's power also went mild a little, which means the support power is getting weaker.

     

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