LINKJPY Diverges at ¥1420 as Bullish Gaps Fade

Summary
• Price rallied to ¥1420 before consolidating near ¥1400 on expanding volatility.
• RSI suggests moderate momentum with no clear overbought or oversold signals.
• Volume surged during key breakouts but dipped during pullbacks, suggesting mixed conviction.
• Key 5-min support clusters form near ¥1380–1390, resistance at ¥1405–1415.

Chainlink/Yen (LINKJPY) opened at ¥1384 on 2026-02-06 12:00 ET and closed at ¥1356 as of 2026-02-07 12:00 ET, reaching a high of ¥1420 and a low of ¥1354. Total volume for the 24-hour window was 10,763.87, with notional turnover of ¥14,617,656.

Structure & Formations

Price formed a bullish engulfing pattern during the 2026-02-07 04:15–04:30 ET window, followed by a bearish harami near ¥1419–1399. Key 5-min support levels have clustered near ¥1380–1390, with resistance at ¥1405–1415. A failed breakout above ¥1420 and subsequent retest suggest potential for a reversal setup or continuation if buyers return.

Moving Averages and Volatility

On the 5-min chart, price spent much of the session above the 20- and 50-period moving averages, but closed below both, indicating waning near-term bullish momentum. Bollinger Bands widened sharply as price approached ¥1420, then contracted after the pullback, signaling a period of consolidation and potential for a new directional move.

Momentum and Divergence

RSI oscillated between 45 and 65, staying in neutral to mildly overbought territory for much of the session. MACD lines showed a narrowing histogram toward the close, suggesting weakening bullish pressure. Price and turnover diverged slightly during the ¥1350–1370 pullback, with lower turnover despite a sharp decline, signaling possible bearish fatigue.

Volume and Turnover Analysis

Volume spiked during key price swings: ¥1400–1420 and ¥1350–1370, but softened during consolidation phases. Notional turnover mirrored volume closely, with a peak during the ¥1400–1420 rally. The divergence during the later pullback may indicate limited bearish conviction.

Fibonacci Retracements

On the 5-min chart, the ¥1420 high to ¥1354 low formed a 38.2% retracement near ¥1391 and a 61.8% level near ¥1375. Price appears to have tested these levels with mixed results, suggesting potential for a retest of ¥1375–1380 as a short-term floor.

Looking ahead, Chainlink/Yen appears to be in a period of consolidation following a sharp rally. If buyers reassert control near ¥1400–1410, a test of ¥1420 could follow. However, a breakdown below ¥1375 may invite further bearish pressure toward ¥1350. Investors should watch for volume confirmation and divergence in momentum indicators over the next 24 hours.