Intraday Analysis - Tuesday, Oct. 13

USDJPY driving higher

The dollar kept up the pressure as the Fed set a slightly dovish tone for the remainder of the year.

• The latest move higher hit some resistance after testing the mid-158.00 area.

• 158.90 at the previous swing high is the target higher if momentum continues.

• A drop below 158.00 would prompt intraday buyers to cut back their exposure.

• 156.60 is a major floor to maintain the current momentum, otherwise, the pair collapse towards 156.00.

USOIL breaking higher

Oil remains steady after breaking through the recent resistance at 92.00.

• On the chart, the directional bias is attempting to move higher, with price action looking for the next target at 95.00.

• Subsequently, a close above that level will signal a strong bullish drive, leading to a test around the 100.00 zone.

• 90.00 is a fresh support in case of a pullback, with 87.50 a critical floor to break.

SPX 500 aiming for another record

The S&P climbs to another peak as stocks maintain their progression.

• A surge above 7800 forced sellers to cover, as traders look for a fresh peak above 7840.

• In the meantime, the RSI’s venture into the overbought area could lead to a temporary retracement.

• Bulls could see this as an opportunity to stake in, as sentiment could turn around.

• 7760 is the nearest support, with 7680 a second layer at the previous dip in the market.