Market Overview for Dogecoin/Yen (DOGEJPY) on 2025-10-08

• DOGEJPY traded in a volatile range, with intraday swings between ¥37.55 and ¥39.24.
• A bullish breakout above ¥38.28 in late NY session showed strong volume and momentum.
• RSI hit overbought levels above 70, suggesting potential near-term profit-taking.
• Bollinger Bands widened after the ¥38.30 level, indicating increased short-term volatility.
• High volume on the upside suggests strong buyer conviction, but divergence in turnover raises caution.

Dogecoin/Yen (DOGEJPY) opened at ¥38.09 on 2025-10-07 at 12:00 ET and closed at ¥38.12 the following day. The pair surged to a high of ¥39.24 before settling at ¥38.12. The 24-hour volume totaled 1,279,835 coins, with notional turnover reaching ¥47,761,441. Price action showed a clear shift in momentum following a key breakout.

Structure & Formations

DOGEJPY formed a bullish engulfing pattern after breaking above ¥38.28 in the late NY session, suggesting a shift in short-term sentiment. A strong bullish reversal pattern emerged near ¥37.55, where the pair found support before rebounding. Key support levels are identified at ¥37.85 (prior 15-min low) and ¥37.56 (major floor), while resistance appears at ¥38.31 and ¥38.62. A doji appeared at ¥38.03, signaling indecision and potential consolidation.

Moving Averages and Indicators

On the 15-minute chart, the 20SMA crossed above the 50SMA, forming a bullish crossover. The daily chart shows the 50DMA above the 200DMA, indicating a longer-term positive bias. MACD turned bullish in the final hours, with the line crossing above the signal line and showing increasing histogram bars. RSI spiked to overbought territory at 75, suggesting that price could face profit-taking pressure in the near term.

Bollinger Bands and Volatility

Bollinger Bands expanded significantly as DOGEJPY surged past ¥38.30, with price closing near the upper band at ¥38.59. This suggests heightened volatility and a potential continuation of the upward trend. However, the wide bands also signal increased uncertainty, and a retest of the ¥38.09–38.12 range could trigger a retraction.

Volume & Turnover

Volume spiked during the late NY and early AM hours, particularly between ¥38.28 and ¥38.62, with the largest single candle having a volume of 234,678 coins. Notional turnover reached a peak at ¥38.59 with ¥12,702,732. However, a slight divergence between rising price and falling volume after ¥38.62 suggests a possible slowdown in buying pressure. Investors should watch for confirmation of this trend in the next 24 hours.

Fibonacci Retracements

Applying Fibonacci levels to the ¥37.55–39.24 move, the 61.8% retracement at ¥38.49 served as a key psychological level. Price pulled back slightly after reaching this level, forming a potential consolidation zone. The 38.2% retracement at ¥38.08 appears to be a strong support zone, which was tested twice and held well.

Backtest Hypothesis

A backtest strategy could leverage the recent bullish engulfing pattern and 20/50 SMA crossover as entry signals, with a stop-loss placed below the ¥37.85 support. A target could be set near ¥38.62, aligning with the 61.8% Fibonacci retracement and recent resistance. Momentum confirmed by a rising MACD would provide additional confirmation. This approach balances trend-following and reversal signals to manage risk while capitalizing on short-term volatility.