The price of USDJPY had been rising since the beginning of June. As we can see, the upward trend was comparatively stable. However, the price still went down on July 2nd. The downward trend was mild initially; then, the price turned down on July 8th, which was sharper and steeper. What does this sharp stark mean?
The price stopped going down after the sharp spark, and it touched the bottom Bollinger Band. As we can see, the price bounced back soon after it touched the band; this is the characteristic of the Bollinger Bands; it pushed the price back to the middle, which made the price reach the 38.2% level Fibonacci.
Although the 38.2% level Fibonacci could be a resistant level for the price, we can see the price is still rising. SAR just made a new upward trend. The MACD also made a bullish cross. ATR and Standard Deviation are both going down, which means the trend of the price is getting stable. Ichimoku is also going down, the price could cross the Ichimoku in the near future.
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