Market Overview for Chainlink/Yen (LINKJPY): September 10, 2025

• Price surged to ¥3,513, a 24-hour high, amid strong morning volume and bullish momentum.
• RSI reached overbought territory, while Bollinger Bands showed expansion, indicating heightened volatility.
• A key support zone formed near ¥3,440, with bearish divergence noted in volume and price action.
• The 20-period MA acted as a dynamic support, with price closing above both 20 and 50 MAs on the 15-minute chart.
• Strong intraday volume spikes occurred during the 02:30–03:45 ET window, coinciding with price acceleration.

Chainlink/Yen (LINKJPY) opened at ¥3,378 on September 9 at 12:00 ET, hit a high of ¥3,513, and closed at ¥3,493 by 12:00 ET on September 10. Total volume for the 24-hour period was 16,663.95 units, with notional turnover reaching ¥57,125,581. The price displayed a strong upward bias, supported by rising volume and multiple bullish signals.

Structure & Formations

The 15-minute chart showed a strong bullish impulse wave starting around 02:30 ET, with a sharp rally from ¥3,419 to ¥3,513. This movement was marked by strong volume and a series of bullish engulfing patterns. A key resistance zone formed near ¥3,513, with a potential pullback observed afterward. A doji formed at ¥3,493, indicating indecision. On the downside, a strong support area appeared at ¥3,440–3,443, where price stalled multiple times. A bearish divergence was noted in volume as price declined into that zone, suggesting potential for a rebound.

Moving Averages and Momentum

The 20-period and 50-period moving averages on the 15-minute chart were both bullish, with price closing above both indicators. The 20-period MA acted as a dynamic support, with price bouncing off it during intraday corrections. MACD showed a strong positive crossover and expanding histogram, indicating growing momentum. RSI hit 72, signaling overbought territory, though it remained within reasonable bounds. The 50/100/200-period MAs on the daily chart were aligned in a bullish bias, suggesting further upside is likely if the rally continues.

Bollinger Bands and Volatility

Volatility expanded significantly during the morning session, with the Bollinger Bands widening to accommodate the sharp move higher. Price closed near the upper band at ¥3,493, indicating strong bullish momentum. Earlier in the session, a contraction in the bands had occurred, suggesting a potential breakout. The current volatility suggests traders are positioning for a larger move, either up or down, depending on the next catalyst.

Volume and Turnover

Volume and turnover were closely aligned throughout the session, with notable spikes occurring during the 02:30–03:45 ET window as the rally began. The largest single candle in terms of volume (¥1,296.30) occurred at 13:15 ET, coinciding with the peak in the rally. Price and volume moved in tandem, providing confirmation of the bullish move. However, bearish divergence was noted as price retreated into the ¥3,440–3,443 support zone, where volume declined, suggesting potential for a reversal.

Fibonacci Retracements

Applying Fibonacci retracement to the recent 15-minute rally from ¥3,378 to ¥3,513, the 38.2% level is at ¥3,472 and the 61.8% level is at ¥3,441. Price briefly tested the 38.2% level before extending higher, then retested the 61.8% level during the pullback. The 61.8% retracement level coincided with a key support area and appears to be a probable level for a bounce or continuation of the upward trend.

Backtest Hypothesis

Given the strong move from ¥3,378 to ¥3,513 and the confirmed support at ¥3,440–3,443, a backtest could be designed to enter long at the 61.8% retracement level (¥3,441) with a stop-loss placed below ¥3,430. A take-profit target could be set at the 38.2% level (¥3,472) and extended to ¥3,513, the prior high. The volume divergence and RSI overbought condition suggest a potential pullback before a continuation, making this a strategic entry point for a directional trade. The MACD histogram provides an additional confirmation signal; a positive cross would strengthen the case for a long entry.