Market Overview for Dogecoin/Yen (DOGEJPY) – 24-Hour Analysis as of 2025-09-19 12:00 ET

• DOGEJPY fell 3.2% over 24 hours with a key support level tested near 40.15.
• Volatility increased in the afternoon as prices dropped to 39.17, with volume surging above 200,000.
• RSI indicates oversold conditions, while Bollinger Bands show price near the lower band.
• A bearish engulfing pattern appeared near 41.90–41.80, signaling possible short-term bearish momentum.
• Fibonacci retracement levels at 39.42 and 39.85 could dictate near-term direction.

Dogecoin/Yen (DOGEJPY) opened at 42.21 on 2025-09-18 12:00 ET and closed at 39.52 at 12:00 ET on 2025-09-19. The 24-hour range was 42.80 (high) to 39.17 (low), with price action trending lower throughout the session. Total volume traded over the 24 hours was 10,208,659, and the notional turnover was approximately ¥426,121,628 (assuming average price of ~41.75).

The 15-minute chart shows a clear bearish bias, with price breaking key psychological levels and forming bearish patterns such as a 2-candle engulfing pattern near 41.90–41.80. The 20-period and 50-period moving averages are both trending downward, with price now well below both. The 50-period MA is currently near 41.10, while the 20-period MA sits slightly higher at ~41.25, supporting a bearish outlook for near-term price action.

The MACD is negative and trending lower, indicating weakening bullish momentum. The RSI is in oversold territory (near 28) as of the close, suggesting potential for a short-term rebound. Bollinger Bands show that the price is currently near the lower band, confirming the bearish move. Volatility expanded in the early hours of 2025-09-19, with volume surging on the breakdown to 39.17. The price and volume appear to confirm the bearish bias, though the RSI reading may signal a minor pullback in the short term.

Fibonacci retracement levels from the recent 42.80 high to 39.17 low suggest key levels at 39.42 (61.8%) and 39.85 (50%) that could dictate near-term direction. A breakdown below 39.42 could accelerate the decline toward 39.17, with 38.90 as the next potential level. Traders should monitor the 40.15 level, which was tested and failed to hold during the afternoon session.

Backtest Hypothesis: A potential trading strategy could involve entering short positions on a close below 40.15 with a stop-loss above 40.50 and a target at 39.17. Given the confirmed bearish engulfing pattern and the RSI in oversold territory, a bounce back to 40.30–40.50 could offer a counter-trend entry for longs, assuming the 40.15 support holds. This setup could be tested using historical data from similar bearish breakouts, focusing on 15-minute and 1-hour timeframes.