Market Overview for Ethereum/Yen (ETHJPY) on 2025-11-07

Summary
• ETHJPY opened at ¥497,755 and reached ¥511,679, closing at ¥506,853 with strong afternoon volatility.
• Momentum accelerated in the first half, with an RSI above 60 and MACD divergence seen.
• Volatility spiked after 18:00 ET with high-volume candles suggesting potential resistance tests.

Ethereum/Yen (ETHJPY) opened at ¥497,755 on 2025-11-06 at 12:00 ET and closed at ¥506,853 by 12:00 ET on 2025-11-07. The 24-hour high was ¥511,679, and the low was ¥497,755. Total volume was 1,124.45746 ETH and turnover was ¥575,019,803.57. The pair appears to be in a consolidative phase after aggressive intraday moves.

Structure & Formations

Price formed multiple bullish and bearish reversal patterns throughout the session. A notable Bullish Engulfing pattern emerged at around ¥502,000, followed by a Bullish In-Neck pattern near ¥506,000. Resistance appears to be forming at ¥511,679, while a key support level is observed at ¥506,000, where the price found a floor after a sharp sell-off in the late afternoon.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA (golden cross) near ¥502,000, indicating potential short-term strength. On the daily chart, the 50-period MA is below the 200-period MA, suggesting a bearish bias for longer-term participants. The 100-period MA also crossed below the 200-period MA, reinforcing the bearish trend.

MACD & RSI

The MACD line crossed above the signal line in the morning, indicating bullish momentum, but later diverged from price as the pair pulled back. The RSI reached a high of 62.1 in the early afternoon, suggesting overbought conditions. However, the RSI has since fallen to 49.7, indicating a potential stabilization in price action.

Bollinger Bands

Volatility expanded significantly after 18:00 ET, with price bouncing between the upper and lower bands. A contraction in the band width was observed earlier in the session, followed by a sharp expansion as volume increased. The closing candle settled near the middle band, indicating a possible continuation or consolidation phase.

Volume & Turnover

Volume increased dramatically after 17:00 ET, with several 15-minute candles registering over 50 ETH traded. Turnover also spiked, reaching ¥50.5 million in a single 15-minute interval. The volume pattern and price movement appear to be in alignment, supporting the validity of the recent bullish push.

Fibonacci Retracements

On a 15-minute chart, the price tested the 61.8% Fibonacci retracement level at ¥507,000 after the initial morning rally. A move above ¥511,679 would confirm a break of the 78.6% level. On a daily chart, the 38.2% retracement is at ¥508,000, with the 61.8% level at ¥505,000 acting as a key near-term pivot.

Backtest Hypothesis

To evaluate a potential entry strategy, we consider using the Bullish Engulfing pattern identified around ¥502,000 as a signal to enter a long position. The trade would remain open until the closing price exceeds ¥513,721 or is closed by 12:00 ET on 2025-11-07, whichever comes first. Given the 20-period and 50-period MA crossover and the RSI divergence observed during the session, this setup appears to be a viable short-term bullish trade idea.