Market Overview for Dogecoin/Yen (DOGEJPY) – 2025-11-08

Summary
• DOGEJPY traded in a bullish trend from 26.53 to 28.13, closing at 27.71, with total volume of 10.5M and turnover of 292,937,859.
• Key resistance levels at 27.8–28.02 and support at 27.35–27.5 were tested.
• Momentum via RSI and MACD showed bullish divergence late in the session.

The DOGEJPY pair opened at 26.53 (12:00 ET – 1) and closed at 27.71 (12:00 ET) with a 24-hour high of 28.13 and low of 26.53. Total traded volume was 10.5M and notional turnover stood at 292,937,859. The price action shows a strong bullish bias during the overnight hours in Asia and early US sessions. Notable support levels appear at 27.35–27.5 and 27.62, with resistance forming at 27.8–28.02.

The price formed a bullish engulfing pattern on the early morning candles and a key three-white soldiers pattern at the peak of the rally. These formations suggest strong buying interest. On the downside, a bearish reversal could be expected if 27.35 is broken, especially after a morning pullback and consolidation around 27.6–27.7. The 50-period and 20-period moving averages on the 15-minute chart were both in bullish alignment, reinforcing the short-term positive bias.

Volume increased notably during the upward move, particularly between 03:00–05:00 ET, with a strong closing candle at 27.99 after a 15-minute session opening from 27.83. However, a divergence appeared in the later hours as volume dropped despite continued price consolidation. The RSI reached overbought levels around 28.0, suggesting a potential correction could be near. A pullback to the 27.5–27.62 zone could offer a favorable risk-reward entry for bulls if supported.

Bollinger Bands showed a recent expansion, indicating increased volatility. Price traded near the upper band during the morning hours, confirming the strong move higher. The bands then contracted in the afternoon, suggesting a temporary pause in momentum. Fibonacci retracement levels on the recent 15-minute swing from 26.53 to 28.13 show 27.75 at 61.8% and 27.6 at 38.2%. The 61.8% retracement level coincided with a key 20-period MA and could serve as a pivot point.

Backtest Hypothesis
Given the strong move and the presence of multiple bullish technical signals, including a bullish engulfing and key Fibonacci retracements, a backtest of a short-term long bias strategy is warranted. A potential approach could involve entering long positions on a close above 27.5 with a stop-loss placed below 27.35 and a take-profit at 28.02 or 28.13. This would align with the observed moving average and RSI momentum signals. However, due to the unavailability of MACD data, we recommend re-evaluating the golden-cross signal from our local re-computation or retrieving updated data from the provider.