Market Overview for Sui/Yen (SUIJPY) on 2025-11-08

Summary
• Price surged 5.9% in 24 hours, closing near a recent high amid strong buying pressure.
• Volume spiked to 287k with concentrated activity in 18:00–23:00 ET, confirming bullish momentum.
• RSI reached overbought territory near 75, suggesting caution ahead for short-term traders.

Sui/Yen (SUIJPY) opened at 318.8 on November 7 and reached an intraday high of 337.61 before closing at 326.6 on November 8. Total 24-hour volume amounted to 400,953.05 with a turnover of approximately $134.4 million. The pair showed a strong bullish bias with extended buying sessions from 18:00–21:00 ET, followed by consolidation and minor bearish corrections in the overnight session.

Structure & Formations

Price broke above a key resistance of 329.61 during the evening session, forming a strong bullish continuation pattern. A morning reversal appeared after 04:15 ET as price declined from 333.3 to 328.7. Notable support levels emerged at 325.5 and 326.6, where the price found buyers multiple times. A bullish engulfing pattern was observed during the 18:00–18:30 ET window, confirming a short-term trend reversal from bearish to bullish.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed above the 50-period line during the 18:00–21:00 ET window, confirming an uptrend. On the daily timeframe, the 50-period MA sits above the 100-period MA, suggesting a longer-term bullish bias. The 200-period MA remains as a strong support level around 322.5, currently holding price well above it.

MACD & RSI

The MACD line turned positive in the evening session and remained above the signal line, indicating sustained bullish momentum. RSI reached overbought territory (75+) during the 02:45–05:15 ET window, signaling a potential short-term correction. However, the pair did not experience a significant pullback, and RSI remained elevated, suggesting continued buying interest.

Bollinger Bands

Price remained above the upper Bollinger Band from 18:15–21:00 ET, indicating high volatility and strong buying pressure. The bands had widened significantly in the evening, reflecting increased uncertainty and trading activity. In the overnight session, price pulled back toward the middle band, suggesting some profit-taking but not a full reversal of the trend.

Volume & Turnover

Volume spiked during the 18:15–23:00 ET timeframe, with the highest single candle volume of 28,713.35 at 23:30 ET. Notional turnover aligned with the price action, confirming bullish momentum in the 18:00–21:00 ET window. Divergence appeared after 04:15 ET, as price declined while volume remained moderate, suggesting weakening momentum.

Fibonacci Retracements

A recent 15-minute swing from 318.8 to 337.61 saw price consolidate near the 61.8% Fibonacci retracement level at 329.5. On the daily chart, the 38.2% level at 333.5 provided temporary resistance. The 200-period MA remains a key long-term support level at 322.5.

Backtest Hypothesis

For a backtesting strategy based on the 24-hour data, a MACD golden cross combined with RSI entering overbought territory could serve as potential entry signals. However, the RSI staying above 70 for several hours without correction may reduce the likelihood of a clean exit. A 1-day holding period (open at signal, close at next day’s close) would be a practical proxy for a 15-minute intraday holding rule, although it may smooth out some volatility. Further refinement of entry/exit timing and risk management would be needed for robust strategy execution.