Market Overview for BNB/Yen: Strong Rally and Technical Confirmation

• BNB/Yen rallied 6.8% over 24 hours, forming bullish engulfing and bullish continuation patterns.• Momentum accelerated in early hours, with RSI reaching 72 and MACD histogram surging.• Volatility spiked with Bollinger Band width expanding from 1.2% to 3.5%, reflecting high buying pressure.

BNB/Yen (BNBJPY) opened at 145,730 yen on 2025-11-07 at 12:00 ET, surged to 154,782 yen, and closed at 152,435 yen on 2025-11-08 at 12:00 ET. Total 24-hour volume was 2,389.36 units, with turnover reaching ¥354.23 million.

The pair exhibited a strong bullish breakout, with several engulfing patterns and a sustained move above the 20-period EMA. A key resistance at 150,000 yen was decisively taken out in the early morning, followed by a test of the 153,000 level. A consolidation phase emerged in the latter half of the day, with price hovering near the upper Bollinger Band, suggesting elevated volatility and aggressive buying.

Structure & Formations

A series of bullish engulfing candles between 17:00 and 19:00 ET-1 marked the initial breakout, followed by a continuation pattern on strong volume. A bearish pinocchio appeared at 23:30 ET-1, but it failed to reverse the trend, reinforcing the bullish bias. The 149,000 and 150,000 levels have become key dynamic support-turned-resistance, with the 154,000 level acting as the most recent peak.

Moving Averages

On the 15-minute chart, the 20-period EMA was crossed above at 17:30 ET-1 and held firm throughout the 24-hour period. The 50-period EMA followed closely, suggesting strong continuation potential. On the daily chart, BNB/Yen closed above both the 50-period and 200-period EMAs, a bullish sign for medium-term sentiment.

MACD & RSI

The MACD crossed into positive territory at 17:45 ET-1, with the histogram expanding through 19:00 ET-1 before stabilizing. RSI surged to 72 by 2:00 ET, indicating overbought conditions, but did not yet show signs of divergence with price. Momentum appears to be slowing, with RSI retracting to 64 by 12:00 ET.

Bollinger Bands

Volatility expanded significantly, with the upper band widening from ±1.2% to ±3.5% during the breakout phase. Price held near the upper Bollinger Band for much of the session, indicating strong momentum. A contraction is likely in the near term, with potential for a pullback into the mid-Band range around 151,000–152,000 yen.

Volume & Turnover

Volume spiked during the 17:30–18:30 ET-1 period, with 58.09 units traded on the 17:30 ET-1 candle alone. Notional turnover reached a peak of ¥8.37 million at 21:45 ET-1, confirming the breakout. A divergence between price and volume emerged during the 3:00–5:00 ET consolidation, which could indicate a short-term reversal.

Fibonacci Retracements

Applying a 15-minute swing from 149,174 to 154,782, the 61.8% retrace level is at 152,560, where the market currently consolidates. On a daily basis, the 61.8% retrace of the prior down-leg is at 148,500, which appears to hold as strong support. The 38.2% level at 153,500 may offer resistance in the near term.

Backtest Hypothesis

Given the presence of multiple bullish engulfing patterns and a strong move above key resistance, a backtest of the “buy on Bullish Engulfing, exit at the next resistance level” strategy would require defining the “next resistance level” as the highest daily close over the previous 20 trading days. This approach aligns with standard technical analysis and would provide a dynamic target for exits, ensuring adaptability to shifting market conditions. The recent peak at 154,782 could serve as a natural target for such a strategy in the current context.