IoTeX/Yen (IOTXJPY) 24-Hour Market Overview

• IOTXJPY surged over 9.4% in 24 hours, breaking above key resistance at 2.228 with strong volume.
• High volatility seen post-21:00 ET as price climbed to 2.448 before sharp correction.
• RSI and MACD suggest overbought conditions, while Bollinger Bands widened, indicating extended move.
• Notable divergence between price and volume in final 6 hours as turnover dropped despite consolidation.
• A bearish engulfing pattern emerged at 2.363 to 2.313, signaling potential near-term pullback.

IOTXJPY opened at 2.171 on 2025-10-13 at 12:00 ET and reached a high of 2.497 before closing at 2.152 on 2025-10-14 at the same time. The pair recorded a total volume of 14,951,970.0 units and a turnover of approximately ¥38,063,358 (calculated as price × volume across all intervals). The move from 2.228 to 2.497 was supported by volume spikes, particularly in the 21:00–23:45 ET period.

Price action revealed a strong breakout above 2.228, with a rapid push to 2.497 driven by high-volume candles. However, bearish momentum emerged from the 02:15 ET candle, which closed at 2.466, triggering a sustained decline. A key bearish engulfing pattern appeared at the 02:30–03:00 ET range, confirming a shift in sentiment. Bollinger Bands expanded significantly during the upward move, while RSI reached 75–80 before the correction, indicating overbought conditions.

Moving averages on the 15-minute chart showed a strong cross above the 20-period EMA, confirming the bullish momentum. However, the 50-period EMA started to flatten after 05:00 ET, signaling a potential slowdown. Fibonacci retracement levels at 38.2% (2.375) and 61.8% (2.263) provided temporary resistance and support, with price reacting at both levels. The MACD histogram began to contract from 02:30 ET, suggesting weakening bullish momentum.

Notable divergence emerged in the final 6 hours as price consolidated around 2.152 while volume dropped sharply. This may suggest waning conviction in further downside movement. On the flip side, a retest of the 2.228 level could trigger renewed buying. Volatility remains elevated, and a breakout beyond 2.263 or a breakdown below 2.12 could be key triggers for directional clarity. Investors should watch for confirmation signals at these levels and be mindful of potential reversal patterns like the doji or bullish harami.

Backtest Hypothesis
To generate actionable signals for IOTXJPY, I attempted to retrieve historical daily prices for the pair but encountered an internal error from the upstream data source. To proceed with the backtest of a "buy-at-support / sell-at-resistance" strategy, the following options are available:
1. Retry with an alternative data provider or symbol, such as using a USD pair and converting to JPY.
2. Supply the price series directly in a CSV/JSON format covering at least 2022-01-01 onward.
3. Adjust the backtest to use a highly-correlated pair, such as IOTX-USDT, while confirming JPY conversion rates.

Once data access is resolved, I will apply the strategy to generate buy/sell signals and evaluate performance metrics.