【XRPJPY】Correction wave recovers to the 40-yen range but will drop again

In the post dated August 18 titled “【XRPJPY】From the nightmare of briefly dipping into the 26 yen range to a V-shaped rebound,” it was noted that although there was a drop to the 26 yen range on the 14th, it made a rebound with a lower wick. Depending on how the market responds around the technical lower trend line near the roughly 40 yen level, it could indicate either continued decline or a potential rise, and this could serve as one factor to watch.

In reality, it temporarily exceeded 40 yen, but ultimately closed below the moving average and finished with a bearish candle. For a while, it seems the price will consolidate to accumulate momentum in order to move above this moving average.