Baxia Markets
October 14, 2021

USDJPY: Strong Resistance

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The upward trend had lasted about ten days since Oct 4th. The price moved in a stable and mild slope; however, the price turned to move more steeply since Oct 8th. Although the steeper slope pushed the price to move to 113.518; however, the price soon met resistance at this level.




As can be seen, the price stopped surging at 113.650. At this point, the Bollinger Bands shrunk, which means the price may break out; however, we do not know the breakout direction. Stochastics recently moved up to a high level; it almost touched the overbought level. The RSI already entered into the overbought area. As we know, overbought is a dangerous condition. The Ichimoku cloud stopped moving up. And the Bull’s power also moved down to the zero level. So we now have some clues about the breakout direction.


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