Market Overview for Dogecoin/Yen (DOGEJPY) - 2025-11-06

Summary
• Price declined from 25.93 to 25.81 over the 24 hours amid mixed volume trends.
• Key support levels appear near 25.60, with resistance forming around 25.90.
• RSI suggests overbought conditions reversed to neutral, hinting at potential consolidation.

Price and Volume Summary

Dogecoin/Yen (DOGEJPY) opened at 25.91 on 2025-11-05 at 12:00 ET and closed at 25.81 on 2025-11-06 at the same time. The 24-hour high and low were 26.07 and 25.30 respectively. Total volume amounted to approximately 10,955,240 DOGE, with a notional turnover of 277,294,729 JPY, indicating a moderately active session with periods of strong participation.

Structure & Formations

Price action showed a distinct bearish bias in the early evening, with a bearish engulfing pattern forming around 19:00–20:00 ET. A doji appeared near 02:30 ET, signaling indecision and potential reversal. Key support levels are forming around 25.60 and 25.30, while resistance remains at 25.90 and 26.07.

Moving Averages and Momentum

Short-term moving averages (20/50) on the 15-minute chart crossed bearishly in the late evening, confirming a short-term trend reversal. The 200-period daily average remains above current levels, indicating a longer-term bullish bias. RSI has fallen to a neutral 50–55 range, while MACD shows a narrowing histogram, suggesting fading momentum.

Volatility and Bollinger Bands

Volatility expanded during the bearish leg, pushing prices outside the upper band at 26.07 and then retracting to the lower band at 25.30. Price has since consolidated within the bands, suggesting a potential equilibrium point. A contraction in the bands could precede a breakout or breakdown in the near future.

Volume and Turnover Divergence

Turnover spiked during bearish phases, particularly around 19:00–20:00 ET and 05:00–06:00 ET, suggesting strong selling pressure. However, a divergence appears in the later morning as price continues to decline without a proportional increase in volume, hinting at potential exhaustion or lack of follow-through from sellers.

Fibonacci Retracements

Fibonacci levels for the 26.07–25.30 swing suggest key retests at 25.68 (38.2%) and 25.56 (61.8%). On the daily chart, a retest of the 25.65 level (61.8% of a recent bull leg) could indicate further consolidation or a short-term reversal.

Backtest Hypothesis

In light of the identifiable bearish patterns and divergences in volume and momentum, a backtesting strategy is being proposed to assess the viability of a daily holding period strategy based on the bearish-engulfing pattern. As the DOGEJPY ticker is not recognized by the data vendor, a synthetic approach may be necessary—using DOGEUSD and USD/JPY cross rates. Alternatively, a supported symbol such as DOGEUSD or an exchange-specific ticker like BINANCE:DOGEUSDT could be used for accurate historical pattern identification and strategy testing.

Looking ahead, traders may watch for a retest of the 25.60 support or a breakout above 25.90 as key signals for the next 24 hours. A breakout could indicate renewed bullish momentum, while a breakdown may signal a more aggressive bearish phase. Investors should remain cautious of potential price swings and divergences in volume.