ETHJPY closes within prior day's range after lackluster session
Ethereum/Japanese Yen Index (ETHJPY) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
ETHJPY ended Saturday at 38817.24 gaining ¥259.55 (0.67%) on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ETHJPY as at Oct 17, 2020):
Saturday's trading range has been ¥656.17 (1.7%), that's far below the last trading month's daily average range of ¥1446.52. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHJPY.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, ETH managed to close higher but below the previous day's open, forming a bullish Harami Candle. The last time this candlestick pattern showed up on October 7th, ETHJPY gained 2.40% on the following trading day.
Prices are trading close to the key technical resistance level at 39270.22 (R1).
Ether shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling might speed up should prices move below the close-by swing low at 38093.87 where further sell stops could get activated.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more