Market Overview for Chainlink/Yen (LINKJPY)

Summary
• Price declined from 2,081 to 2,043 JPY, forming bearish engulfing patterns near 2,071.
• MACD and RSI showed bearish momentum, with RSI dipping into oversold territory below 30.
• Bollinger Bands tightened mid-session before a sharp break below the lower band.
• Volume surged during the 2,081–2,043 decline, confirming the bearish move.
• Fibonacci levels at 2,056 and 2,044 offered limited support, but failed to halt the drop.

Chainlink/Yen (LINKJPY) opened at 2,065 JPY on 2026-01-02 12:00 ET, reached a high of 2,098 JPY, and closed at 2,043 JPY on 2026-01-03 12:00 ET. The low was 2,029 JPY. Total volume was 1,925.86, and notional turnover was 4,067,510.89 JPY over 24 hours.

Structure and Key Levels

Price action showed a bearish bias throughout the session, with a key breakdown below the 2,071 support level. A bearish engulfing pattern formed at this level, signaling increased bearish conviction. Resistance appears to be in the 2,075–2,080 range, while the immediate support is near 2,044 JPY.

Moving Averages

On the 5-minute chart, price closed below both the 20 and 50-period SMAs, indicating short-term bearish momentum. The 50-period daily SMA currently sits at 2,070 JPY, aligning with a critical support zone.

MACD and RSI

The MACD turned negative and crossed below the signal line, reinforcing bearish momentum. RSI dipped to 29 by session close, suggesting oversold conditions and a potential short-term rebound. However, the absence of a bullish divergence indicates caution.

Bollinger Bands and Volatility

Volatility expanded in the morning session as price moved from the upper to the lower Bollinger Band, breaking below the lower band by late afternoon. The widening bands reflect increased market uncertainty and potential for further price discovery.

Volume and Turnover

Volume spiked during the 2,081–2,043 decline, confirming the bearish move. However, turnover failed to match earlier peaks, indicating some hesitancy in the market. Price and volume aligned during the key breakdown, adding weight to the bearish signal.

Fibonacci Retracements

The 2,071–2,081 swing high saw a 61.8% retracement at 2,056 JPY, which failed to hold. Price later found temporary support at the 38.2% level near 2,044 JPY. On a daily chart, the 2,029 low marks a potential new Fibonacci base for future retracements.

In the next 24 hours, a test of 2,044 JPY could determine whether short-term bears continue their dominance or if a rebound attempt gains traction. Investors should watch for a close above 2,055 JPY as a potential early reversal signal, though further downside risks remain if 2,038 JPY breaks.