【XRPJPY】Rebound from the third bottom

In the July 21 post titled “【XRPJPY】Forming an Inverse Head and Shoulders on a Daily Basis,” I explained that on the daily chart the price appeared to be forming an inverse head and shoulders. Indeed, on July 21 the low near 45 yen turned upward to form a bullish candle, suggesting a move to test the 20-SMA.

Nevertheless, centered around the approximately 50 yen where the 20-SMA runs, the price is still stuck in a range with about a 5-yen width above and below. For now, I would like to focus on whether this range will be broken to the upside as the inverse head and shoulders form.