Market Overview: Dogecoin/Yen (DOGEJPY) – 24-Hour Summary

• DOGEJPY opened at ¥27.93 and closed near ¥28.52, forming a strong bullish trend after an early dip.
• Price rebounded from ¥27.53, with a 15-minute bullish engulfing pattern forming around ¥28.13.
• Volatility expanded after 22:00 ET, with volume surging to 281,037 DOGE in a key rally.
• RSI rose above 60, while MACD flipped positive—signaling increasing upside momentum.
• A 15-minute Bollinger Band squeeze occurred at ¥27.5–27.75, followed by a breakout to new highs.

At 12:00 ET − 1, Dogecoin/Yen (DOGEJPY) opened at ¥27.93, reached an intraday high of ¥28.63, and closed the 24-hour period at ¥28.52. The total traded volume was 3,399,871 DOGE, with notional turnover reaching ¥92.5 million. The price action reflected a strong reversal from early bearish pressure.

Structure & Formations

The session featured a notable bearish phase from 17:45 to 19:15 ET, with a low of ¥27.53, followed by a sharp rebound. A bullish engulfing pattern emerged at 23:30 ET, where a candle opened at ¥27.81 and closed at ¥28.13, engulfing the previous bearish candle. This pattern, combined with a 15-minute RSI divergence, signaled a turning point. Key support levels appear at ¥27.53 (daily low) and ¥27.75 (intraday pivot), while resistance is forming around ¥28.50 and ¥28.63.

Moving Averages

On the 15-minute chart, the price closed above both the 20SMA and 50SMA, indicating short-term bullish momentum. The 50-period SMA is at ¥27.95, and the price has remained above it since the 19:00 ET reversal. On the daily chart, the 200DMA is around ¥26.40, with the 100DMA at ¥27.00—confirming that the current rally is well above the longer-term trend line.

MACD & RSI

The 15-minute MACD crossed into positive territory at 23:30 ET and remained bullish into the next morning. RSI reached overbought levels (above 65) around 01:00–01:15 ET but showed no immediate bearish divergence, suggesting strong conviction in the upside. A pullback to the 38.2% Fibonacci retracement (¥28.28) could offer a strategic entry point for short-term buyers.

Bollinger Bands

Volatility contracted between 21:45 and 22:45 ET, with price trading within a narrow range of ¥27.72–27.81. This was followed by a breakout to the upper band, with the 28.13 close representing a 2.3% move from the pre-breakout range. The current upper band is at ¥28.60, suggesting further upside potential if the move holds.

Volume & Turnover

Volume spiked at 23:30 ET with 281,037 DOGE traded, coinciding with the bullish engulfing candle and a 15-minute high of ¥28.15. Notional turnover (¥7.8 million) confirmed the strength of the breakout. Price and volume diverged slightly around 00:15–00:45 ET, with price rising to ¥28.52 while volume moderated—potentially signaling a consolidation phase.

Fibonacci Retracements

The recent 15-minute swing low at ¥27.53 and high at ¥28.63 defined key Fibonacci levels. The 38.2% retracement at ¥28.28 acted as a minor support, while the 61.8% level at ¥28.49 is a potential short-term ceiling. Daily-level retracements from the broader 2025 rally suggest a target around ¥29.10 if the current trend continues.

Backtest Hypothesis

To refine the technical signals observed, a backtest based on the Bullish Engulfing pattern could be conducted using a validated ticker such as “BINANCE:DOGEJPY” or “DOGEUSDT” as an alternative if DOGEJPY is unavailable. A one-day holding period backtest from 2022-01-01 to 2025-10-31 would provide insights into the effectiveness of this pattern in confirming short-term reversals. If executed successfully, it could highlight the profitability and reliability of using such candlestick formations in real-time trading strategies.