【BTCJPY】A range around 700,000 yen as the market level

In the post dated August 13, titled “[BTCJPY] Recoil to the center of the range during the inverse head and shoulders,” I noted that the current rate has returned to the price level of the recently formed inverse head and shoulders, and once again it seems that a range centered around 700,000 yen with the upper bound at 750,000 yen and the lower bound at 650,000 yen is being contemplated. Yesterday, the lower bound was briefly breached to around the mid-650,000s, but it then moved back with a long lower wick. It seems reasonable to view this as a side-to-side move centered around 700,000 yen. Although the candlesticks are making lower lows, the RSI is showing a rising onward divergence.