Market Overview: BNB/Yen Faces 135,000 Yen Support Amid Bearish Momentum

Summary
• BNB/Yen dropped 5.8% over the last 24 hours with a bearish engulfing pattern observed.
• Volatility expanded after 20:30 ET, with a 142,848 Yen intraday high and a 136,970 Yen low.
• RSI and MACD both signaled bearish momentum, with price testing a 135,000 Yen support level.
• Volume was unevenly distributed, with a 12.0% spike in turnover at 18:45 ET.
• Bollinger Bands showed contraction in the early morning, followed by a sharp expansion after 20:00 ET.

BNB/Yen traded in a 12:00 ET – 12:00 ET session with a high of 142,848 Yen and a low of 136,970 Yen. The pair opened at 140,187 Yen and closed at 135,478 Yen. Total 24-hour volume was 383.38 BNB, with a notional turnover of ~55,063,610 Yen.

Structure & Formations

Price formed a bearish engulfing pattern at 18:45 ET as the candle closed at 140,913 Yen after an intra-candle high of 141,558 Yen. This pattern was followed by a 5.8% decline. A bearish doji appeared at 00:15 ET, indicating potential exhaustion in selling pressure. Key support was tested at 135,000 Yen after a 134,616 Yen low at 02:45 ET. Resistance remains at 140,581 Yen, a prior high from 18:15 ET.

Moving Averages and Momentum

On the 5-minute chart, 20SMA and 50SMA crossed bearishly in the late evening session, signaling a short-term bearish trend. RSI declined below 30 at 03:00 ET, suggesting oversold conditions, while MACD remained in negative territory for most of the session, with a bearish crossover at 21:00 ET.

Volatility and Bollinger Bands

Bollinger Bands contracted between 00:00 and 20:00 ET, indicating a period of consolidation. Price then broke out of the bands at 20:30 ET with a high of 142,848 Yen and moved back into the band by 00:00 ET. This suggests a sharp expansion in volatility and a potential reversal near the upper band.

Volume and Turnover

Trading volume and turnover spiked at 18:45 ET with a 12.0% increase in turnover and 12.0047 BNB traded in that 5-minute candle. A divergence appeared between price and volume after 00:00 ET, with price declining while volume remained subdued. This may indicate a weakening bearish move.

Fibonacci Retracements

Key Fibonacci levels were identified from the 142,848 Yen high and 134,616 Yen low. Price found support at the 61.8% retracement level of 135,000 Yen. A break below this level could target the 50% level at 136,700 Yen. On the 5-minute chart, a 38.2% retracement was observed at 140,000 Yen, which failed to hold.

Price and Momentum Trends

BNB/Yen appears to be in a bearish phase, with price consolidating near key support. A break below 135,000 Yen could bring in further selling pressure toward 134,000 Yen. Traders should monitor volume and RSI for signs of a potential rebound or continuation of the downtrend in the next 24 hours.