USD/JPY Intraday: Toward 106.60 downside. The pair keeps trading on the downside after peaking at 108.72 overnight. Being capped by the descending 20-period moving average, the pair is striking against the lower Bollinger band calling for acceleration to the downside. Unless the key resistance at 108.10 is surpassed, the pair should proceed toward 107.10 and 106.60 on the downside. On the other hand, the alternative upside target above 108.10 is located at 108.70.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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