Market Overview for Chainlink/Yen (LINKJPY): 24-Hour Price Action Summary

• Chainlink/Yen surged 8.6% in 24 hours amid rising volume and bullish momentum.
• Price broke above key resistance at ¥3,550, with MACD and RSI confirming strength.
• Volatility expanded as Bollinger Bands widened, signaling potential consolidation.
• A bullish engulfing pattern formed at the start of the session, reinforcing upside bias.
• Turnover spiked during the 09:15–10:45 ET window, aligning with price highs and volume spikes.

The Chainlink/Yen pair (LINKJPY) opened at ¥3,367 on 2025-09-17 at 12:00 ET and closed at ¥3,572 on 2025-09-18 at the same time. Over the 24-hour period, it reached a high of ¥3,630 and a low of ¥3,322. Total traded volume was 24,214.63, and total notional turnover was ¥81,237,188.03. The pair showed strong bullish momentum and several key price formations.

Structure & Formations

LINKJPY displayed a bullish trend throughout the day, forming key support and resistance levels. A notable bullish engulfing pattern occurred early in the session (16:00–16:15 ET), followed by a strong breakout from ¥3,550. Price then consolidated within a range between ¥3,540 and ¥3,590, with a final push to a session high of ¥3,630. A doji formed briefly near ¥3,590, suggesting momentary indecision before price resumed its upward movement. Resistance levels to watch include ¥3,630 and ¥3,650, while support levels include ¥3,540 and ¥3,500.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were both bullish, with price consistently above both. The 20-period MA acted as a dynamic support line, confirming the strength of the uptrend. On the daily chart, the 50-period, 100-period, and 200-period moving averages all showed a positive bias, with the 200-period MA at ¥3,480 acting as a long-term support zone. Price is well above all three averages, reinforcing a strong bull market sentiment.

MACD & RSI

The MACD histogram showed a positive divergence, with the MACD line trending upward while the signal line remained flat. This confirmed the strengthening bullish momentum. The RSI reached a peak of 68, indicating strong buying pressure without entering overbought territory. However, as RSI approached 65, caution is warranted, as further gains may face short-term resistance. The RSI’s 14-period reading ended the day at 62, showing continued strength but not extreme overbought conditions.

Bollinger Bands

Volatility increased throughout the session, with Bollinger Bands widening significantly after 17:30 ET. Price spent much of the session in the upper half of the bands, suggesting a strong bullish trend. A brief contraction occurred during the 04:00–05:00 ET window, but it was followed by a sharp price rebound. The final hour showed price testing the upper band, with a closing candle above it, indicating a potential breakout confirmation.

Volume & Turnover

Trading volume was highly consistent, with multiple 15-minute intervals seeing volume above 400. The highest single-candle volume occurred at 09:15–09:30 ET, during which the price surged to ¥3,605. Turnover mirrored volume spikes, with the highest notional value occurring during the same period. A divergence was observed during the 03:15–04:00 ET window, where volume dropped but price remained stable. This suggests a potential pause in momentum, but the strong volume spikes later in the session confirmed the bullish trend.

Fibonacci Retracements

Applying Fibonacci retracement to the key swing low at ¥3,322 and the swing high at ¥3,630, the 61.8% level is at ¥3,522 and the 38.2% level at ¥3,594. Price briefly retested the 61.8% level before moving higher, indicating strong buying at that level. The 38.2% level acted as a minor resistance, which was eventually breached. The next key Fibonacci level is the 78.6% at ¥3,550, which may serve as a near-term target for further gains.

Backtest Hypothesis

A potential backtesting strategy could be built around the key support and resistance levels identified, with a focus on Fibonacci retracement levels and RSI momentum. A long entry could be triggered when price closes above the 61.8% Fibonacci level and RSI remains above 50. A stop-loss could be placed below the 38.2% level, and a take-profit target could be set at the 78.6% level. This strategy would benefit from the current bullish momentum and strong volume confirmation. Testing over multiple cycles could refine entry timing and risk management parameters.