Market Overview for SUIJPY on 2025-09-18

• SUIJPY rallied 9.9% from 521.80 to 586.30 on heightened volume and strong bullish momentum.
• The 15-minute chart showed a bullish engulfing pattern at 521.49 and multiple breakouts above key resistance levels.
• RSI reached overbought territory (85–90) late in the session, suggesting potential near-term exhaustion.
• Bollinger Bands expanded as price traded above the +1σ level, signaling rising volatility.
• Notional turnover surged to $130.7 million, with volume clustering near key price inflections.

24-Hour Price Action

Sui/Yen (SUIJPY) opened at 521.80 on 2025-09-17 at 12:00 ET and surged to a 24-hour high of 588.29, closing at 586.30 on 2025-09-18 at 12:00 ET. The pair traded as low as 516.86 before rallying aggressively after 19:30 ET. Total traded volume was 243,318.38 units with a notional turnover of approximately $130.7 million. The price action demonstrated strong bullish momentum, with volume confirming price surges at key inflection points.

Structure & Formations

The 15-minute chart displayed a bullish engulfing pattern at 521.49 during the early part of the session, signaling a shift in sentiment. Afternoon trading saw a deep retracement to 516.86 before a strong reversal began. A key support level was identified around 520.4–520.5, which was tested multiple times and held until late in the session. Resistance levels at 530.14, 541.32, and 554.08 were sequentially breached with volume confirmation. A strong bullish flag pattern formed between 554.08 and 556.20 before a final breakout to 588.29. Key Fibonacci retracements on the 15-minute swings aligned closely with major breakout levels (61.8% at ~542.50, 78.6% at ~574.00).

Moving Averages

On the 15-minute chart, the 20-period EMA acted as dynamic support and was later taken out with conviction. The 50-period EMA crossed above the 20-period EMA, confirming bullish momentum. On the daily chart, the 50-period SMA stood at 532.00, while the 200-period SMA was at 518.40. Price closed above both, indicating a strong break in the longer-term bearish trend and potential for continuation into the next trading period.

Indicators & Momentum

The 12,26 MACD showed a strong positive crossover in the late afternoon, with the histogram expanding rapidly after 19:30 ET. RSI reached overbought levels in the final hours, peaking at 90.2, suggesting short-term exhaustion. Bollinger Bands expanded significantly as price traded above the +1σ level for most of the session, indicating heightened volatility. The 14-period RSI remained elevated with no immediate sign of bearish divergence, though overbought readings often precede pullbacks. The ADX at 38.2 confirmed a strong directional move, but with no clear bearish divergence, continuation bias remains intact.

Volume & Turnover

Volume spiked sharply around key breakout levels, especially at 530.14 and 541.32, confirming institutional support. The highest 15-minute volume occurred at 19:30 ET with 26,163.4 units traded, corresponding to the 534.05–541.32 move. Notional turnover also spiked during this period, reaching $5.4 million in one 15-minute interval. Divergence between volume and price was minimal, suggesting continued institutional participation. A modest pullback in volume occurred after 06:00 ET, though price remained above key support levels, indicating strong conviction.

Backtest Hypothesis

A potential backtesting strategy could focus on breakout entries above key resistance levels (e.g., 530.14, 541.32, 554.08) with a stop-loss placed below the prior swing low. The 15-minute MACD crossover and RSI confirmation (above 50) could act as entry filters. Target levels could be aligned with Fibonacci extensions, particularly the 161.8% at ~620.00 and 261.8% at ~685.00. Given the current momentum and volume confirmation, this approach appears to align with the observed price behavior, making it a viable candidate for historical performance testing. The overbought RSI and strong ADX suggest that continuation strategies may perform well in the near term.