Baxia Markets
August 12, 2021

Where will USDJPY Go Next?

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The upward trend that took place on Aug 4th was sharp. The slope was steep. And it happened abruptly, so not many traders were prepared. The upward trend had lasted for seven days; recently, it met resistance. Although the upward trend was sharp, it only tested the upper Bollinger Bands once. So, the Bollinger Bands did not bother the price too much. Even the resistance stopped the upward trend, and the price still moves within the Bollinger Bands.




We do not know whether the resisting power is strong enough to change the direction. However, it slows down the momentum; does this mean it is  the end of the resistance? Ichimoku is now below the price line; however, it could turn up soon, which is a bearish signal. The Standard Deviation and ATR both show that the price line would stay flat for a while. I understand that the price would struggle here so that the price line would not fluctuate too much. The MACD still moves down, and the downward trend on MACD seems to continue.


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