Market Overview for Chainlink/Yen (LINKJPY) – 2025-10-24

• Chainlink/Yen (LINKJPY) closed near a 24-hour high amid a rebound from 2629.
• Momentum shifted from bearish to bullish during overnight hours, with volume increasing on the upside.
• Volatility remains elevated, as seen in large 15-min candles, but no strong divergence in turnover.
• RSI and MACD suggest building momentum, though caution is needed near recent highs.

15-Minute Open-High-Low-Close Summary

Chainlink/Yen (LINKJPY) opened at 2668 on October 23, 12:00 ET, and closed at 2669 by the same time the following day. The 24-hour period saw a high of 2720 and a low of 2629. Total volume traded amounted to 3,440.67, with a notional turnover of approximately ¥9,044,881.58 (calculated using close prices). The price action suggests a recovery from a short-term pullback and a retest of key resistance levels.

Structure & Formations

Price action over the 24-hour period displayed a distinct bullish structure, with a sharp rebound from the 2629 level after a bearish correction in the late hours of October 23. Notable candlestick patterns include a bullish engulfing pattern at 2664–2669 during the early hours of October 24 and a strong white candle forming at the 2720–2716 range. Resistance appears to form at 2720 and 2717, while support levels are likely around 2689 and 2673. A doji near 2664–2664 and 2700–2700 may indicate indecision or a consolidation phase.

Moving Averages & Momentum Indicators

On the 15-minute chart, the 20-period and 50-period moving averages have crossed to the upside, suggesting a short-term bullish tilt. The MACD line crossed above the signal line at 2690–2700, confirming a shift in momentum. The RSI moved into overbought territory (above 60) as price approached 2720 and 2717, indicating potential exhaustion of the rally. A pullback to the 2673–2689 range could test the strength of the rally and potentially trigger a retest of these levels.

Volatility and Bollinger Bands

Volatility remained elevated throughout the day, with a notable expansion in Bollinger Band width following the 2690–2720 rally. The price has spent much of the period near the upper band, especially during the 2720–2717 high. A contraction in the bands could precede a breakout or reversal. If the price closes above 2720, it may suggest the continuation of a bullish trend, but a retest of the 2689–2673 zone could be expected, particularly if volume does not confirm the strength of the breakout.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing from 2629 to 2720, key levels include 2681 (38.2%), 2707 (61.8%), and 2720 (100%). Price found immediate resistance at 2720 and may retest the 2707 level during the next 24 hours. A break below 2681 could indicate a return to the 2673–2669 support zone. On the daily chart, a 2025 breakout pattern suggests a potential target of 2745–2760 if the rally continues.

Backtest Hypothesis

The attempt to backtest the “Bullish Engulfing” pattern for LINKJPY was hindered by data availability, as the pattern detection system failed to process this ticker. This likely stems from either an unsupported ticker format or a lack of historical pattern data for JPY pairs. To proceed with a robust backtest, we need a valid ticker format that is supported by the data vendor or a direct list of Bullish Engulfing events for this pair since 2022. A successful backtest would allow for evaluating the profitability and risk-adjusted returns of a pattern-based trading strategy, which could enhance the current technical analysis.