AutoChartist Report Forex (Eur) 15.10.2018
The USD/JPY pair fell from its resistance zone on a 30 minute time frame as predicted. However, the price is revisiting this zone once again, and this is the third time the price is coming back to this level. This simply confirms that the bulls are in control, and this resistance may no longer hold anymore and the price may be able to trade through this zone. Moreover, the price is trading above the 50 day (shown in green) but above the 100 day (shown in yellow) moving averages which is a further confirmation of the above argument.
The volatility for the pair is high, as the price has pierced the Bollinger band at resistance zone. The piercing of the Bollinger band does have a significant importance when this takes place at a resistance/support zone, because this is an ability to stop the upward/downward move or reverse the trend.
The RSI is trading in line with the price action which means that the bias could be to the upside however, it is also trading in an over sold zone, therefore, a caution should also be considered.
Important Zones
Resistance Zone
101.50-101.28 Major
100.44-100.09 Minor
Support Zone
97.19-96.83 Minor
95.25-94.82 Major
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