Market Overview for Ethereum/Yen (ETHJPY) as of 2025-11-08

• Ethereum/Yen (ETHJPY) closed up ~5.47% at ¥524,230 in the last 24 hours.• Price broke above ¥520,000 on strong volume and tested ¥533,000 before retreating.• Volatility and turnover surged in early Asian hours, hinting at increased institutional activity.

Ethereum/Yen (ETHJPY) opened at ¥507,328 on 2025-11-07 at 12:00 ET and closed at ¥524,230 on 2025-11-08 at 12:00 ET. The pair reached a 24-hour high of ¥535,065 and a low of ¥505,000. Total volume for the period was 1,289.75 ETH, with a notional turnover of ¥673,054,700, suggesting moderate to high market engagement.

The 15-minute chart reveals a strong bullish momentum from ¥507,328, with a decisive break above ¥520,000 followed by a test of ¥533,065. Price formed several large bullish bodies and a notable bullish engulfing pattern near ¥525,000, signaling potential continuation higher. Key support levels include ¥515,000 and ¥505,000, while ¥530,000 and ¥535,000 act as resistance.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both bullish, supporting the upward trend. On the daily chart, the 50-period MA appears to be catching up with the 100-period MA, indicating a potential consolidation phase after the sharp rally.

Momentum Indicators: MACD and RSI

The MACD line crossed above the signal line in early hours, confirming a bullish momentum phase. The RSI (14) reached 68-69 at the peak, indicating overbought conditions but no divergence from price yet. Traders may watch for RSI re-entry below 50 as a possible reversal sign.

Bollinger Bands

Price spent most of the 24-hour period inside the Bollinger Bands, with the recent rally pushing it toward the upper band. The band width has widened slightly, suggesting increased volatility. A reversal near the upper band could trigger a pullback toward the 20-period MA or toward ¥520,000.

Volume and Turnover

Volume surged during the ¥520,000–535,000 rally, particularly in the 18:00–00:00 ET window, supporting the bullish move. Turnover confirmed the price action, with a strong positive correlation to price. Divergence may be a concern if price continues higher without volume support.

Fibonacci Retracements

Applying Fibonacci to the ¥505,000–535,065 swing, key retracements include ¥526,126 (38.2%) and ¥516,167 (61.8%). The recent pullback to ¥523,000 suggests a possible test of the 50% retracement level before resuming higher.

Backtest Hypothesis

Given the technical conditions observed—particularly the strong momentum and overbought RSI—it is critical to clarify the correct data source for ETHJPY to perform an accurate backtest. For instance, using a direct exchange like bitFlyer (ETH_JPY) or a synthetic construct from ETHUSD × USDJPY will yield different RSI and MACD signals. Once the symbol or method is confirmed, a backtest from 2022-01-01 to today can evaluate signals based on overbought conditions and divergence. This will help refine short-term entry/exit strategies for future volatility.