【XRPJPY】In the daily chart, a bullish inverted head and shoulders pattern forms

In the July 18 post titled "【XRPJPY】Double Bottom Formed on a Daily Basis," we posted a daily chart and noted that the environment has formed a double bottom, with a focus on the battle around the neck line near 54 yen.

Then three consecutive bearish candles formed, and in the end the price fell to around 45 yen, forming the third bottom. This indicates that it is in the process of forming an inverse head and shoulders. Let's again pay attention to the development as the neck line is approached.

Currently, the situation can be seen as a consolidation centered around about 50 yen, with about a 5-yen range up and down around the 20SMA. Which direction this consolidation will break out to is a key concern.