Market Overview for Sui/Yen (SUIJPY) – 24-Hour Summary

• SUIJPY opened at 516.85 and closed at 531.11 with a high of 537.39 and a low of 511.00 over the 24-hour period.
• A strong bullish reversal pattern appears late in the session with a 15-minute surge to a new high.
• RSI hit oversold levels in the early session but showed strong upward momentum after 05:00 ET.
• Volume spiked dramatically during the 14:00 ET candle, confirming the late-session rally.

SUIJPY opened at 516.85 (12:00 ET − 1) and closed at 531.11 (12:00 ET), reaching a high of 537.39 and a low of 511.00 during the 24-hour period. Total volume traded was 117,414.52 units, and the notional turnover amounted to approximately $60.67 million, reflecting elevated interest in the pair.

Structure & Formations

The 15-minute chart shows a bearish breakdown early in the session, testing a key support level around 513.1 before a sharp reversal began. A bullish engulfing pattern formed at 08:00 ET, signaling a potential trend shift. Later, a long-bodied candle closed at 531.11, suggesting continued strength. Key resistance appears at 516.9 and 525.3, while support levels sit at 513.1 and 518.3. A notable doji occurred at 04:00 ET, indicating indecision.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were in bullish alignment for most of the session. The price crossed above the 50-period MA at 05:00 ET and remained above it, suggesting momentum in favor of the bulls. On the daily chart, the 50-period and 200-period MAs have converged, indicating a potential breakout or consolidation scenario as price tested key levels.

MACD & RSI

The MACD crossed above the zero line at 08:00 ET, confirming bullish momentum. The histogram showed increasing divergence with price, particularly between 14:00 and 16:00 ET, as the price surged higher. RSI bottomed near 30 at 04:00 ET before climbing rapidly to overbought territory in the afternoon, suggesting a strong short-term rally may be in place. Traders should watch for RSI divergences or a pullback toward the 50-level as possible correction signals.

Bollinger Bands

Volatility expanded significantly during the afternoon, with price reaching the upper band at 537.39. The lower band sat around 511.00, indicating a wide range and potential exhaustion in either direction. Price remained well above the middle band, showing that the bullish trend is intact. A contraction in Bollinger Band width is expected before any potential reversal.

Volume & Turnover

Volume spiked to over 19,000 units during the 14:00 ET candle, coinciding with the highest price of the session. This confirmed the strong bullish breakout. However, volume declined slightly during the following candle, signaling potential exhaustion. The total turnover of $60.67 million was well above the 24-hour average, indicating heightened market participation. Divergence between volume and price has not yet emerged, supporting a continuation of the current trend.

Fibonacci Retracements

On the 15-minute chart, the recent move from 511.0 to 537.39 aligns with Fibonacci retracement levels. The 61.8% retracement level sits near 525.8, which was tested and held. On the daily chart, the 50% and 61.8% levels are currently aligned with 528.0 and 532.2 respectively, suggesting these may act as key targets or support/resistance.

Backtest Hypothesis

A potential backtesting strategy involves entering long positions when the 20-period MA crosses above the 50-period MA, confirmed by a bullish engulfing pattern and a closing price above the upper Bollinger Band. Exit triggers could include RSI entering overbought territory or a bearish divergence in the MACD histogram. This approach aligns with the observed 15-minute breakout and could be further refined by incorporating volume confirmation for stronger signals.