Cardano/Yen Market Overview

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• ADAJPY opened at 121.97, traded between 119.10 and 122.84, and closed at 121.78 with a total volume of 543,784.4.
• Price formed a bullish engulfing pattern near 120.35–120.72 before a strong bearish move to 119.94.
• MACD and RSI suggest waning bullish momentum, with RSI entering oversold territory near 119.37.
• Volatility expanded in the early hours, with Bollinger Bands widening and volume surging.
• Fibonacci retracements highlight 121.25–121.30 as key support and 122.22–122.34 as potential resistance.

24-Hour Summary and Opening Context

Cardano/Yen (ADAJPY) opened at 121.97 at 12:00 ET − 1 and reached an intraday high of 122.84 before closing at 121.78 at 12:00 ET. The price traded within a range of 119.10 to 122.84, showing a volatile session. Total volume over the 24-hour period was 543,784.4, with turnover reaching $67,200 (based on average price).

Structure & Formations

Key support levels identified on the 15-minute chart include 121.25–121.30 and 120.90–121.05, both of which were tested multiple times during the session. Resistance levels at 122.16–122.22 and 122.34–122.50 appear to be critical for near-term direction. Notable candlestick patterns include a bullish engulfing pattern from 120.35 to 120.72 and a bearish abandonment around 121.62–121.28. A doji formed near 121.18–121.02, signaling indecision after a sharp drop.

Moving Averages

On the 15-minute timeframe, the price is above the 20-period MA, suggesting short-term bullish bias, but below the 50-period MA, indicating some bearish pressure. On the daily chart, price is below both the 50 and 100-period MAs but above the 200-period MA, suggesting a mixed technical picture. This suggests that the pair could remain in a consolidation phase if the 50-period MA fails to act as a strong support.

MACD & RSI

The MACD crossed below the signal line in the early hours, indicating a bearish turn in momentum. RSI dipped into oversold territory near 119.37 and remained there for several hours before recovering slightly. This suggests that a short-term rebound could be on the cards, but a reversal from the current levels would require a strong bullish impulse.

Backtest Hypothesis

If we apply a strategy that triggers a long entry when price crosses above the 50-period MA on the daily chart and RSI is above 40, while placing a stop loss just below the most recent swing low, this would have captured a portion of the rally seen earlier in the week. Given the current positioning of the moving averages and RSI, the market may soon test whether this strategy remains viable under the current conditions.