Baxia Markets
October 01, 2021

USDJPY Met Resistance

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After eight days of upward movement, the price met the resistance on Sep 30th. As can be seen from the 4-hour chart, the upward trend was comparatively solid and had lasted for a long time; it moved in almost the same slope and same fluctuation, which was supposed to be hard to stop; however, it still met resistance now. 




Recently, the price has dropped to the 38.2% level Fibonacci, which was commonly considered a pressure point; however, I would say that the price may not meet support here. The Ichimoku has already become thick, which means the trend of the price could be solid. Also, the cloud still goes up now. The standard deviation goes down a little, which means the trend could become solid here. The MACD already made a dead cross and went down. The long trend cannot be seen from just one fluctuation; however, the downward trend could continue.


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