Market Overview: IOTXJPY 24-Hour Technical Update

Summary
• Price declined from 1.321 to 1.279 on 24-hour 5-minute data, with heavy volume and turnover in the final 5 hours.
• A bearish engulfing pattern and key support tested near 1.29, with RSI suggesting oversold conditions.
• Volatility expanded in the final 5-minute candle, with price closing at the upper Bollinger Band boundary.

The IoTeX/Yen (IOTXJPY) pair opened at 1.321 on January 15 at 12:00 ET, reached a high of 1.321, touched a low of 1.277, and closed at 1.281 at 12:00 ET on January 16. Total volume for the 24-hour window was 160,456.0 units, with a notional turnover of 203,467.426 Yen.

Structure & Candlestick Patterns

A bearish engulfing pattern formed around 18:30 ET as price dropped from 1.321 to 1.303, followed by a continued decline to 1.279. A long-bodied bearish candle at 02:30 ET confirmed renewed selling pressure. Price found temporary support near 1.29, where it consolidated for several hours, but failed to retest the level effectively after the final major selloff.

Momentum and Volatility

RSI reached oversold territory near 30 in the last 5-minute period, suggesting a potential short-term bounce. MACD turned negative and diverged from price as volume surged, signaling bearish momentum. Volatility increased sharply in the final 5-minute candle, with the price closing near the upper Bollinger Band, indicating a possible expansion of range.

Volume and Turnover Divergence

Volume remained negligible for most of the day but spiked significantly after 00:00 ET, peaking at 100,212.0 units in the 11:45 AM ET 5-minute candle. Turnover followed a similar pattern, confirming bearish price action. A divergence between price and turnover occurred during the consolidation phase near 1.29, suggesting weaker conviction.

Fibonacci Levels and Resistance

A major bearish leg from 1.321 to 1.277 aligned with the 61.8% Fibonacci retracement level, reinforcing the 1.29–1.303 zone as critical support. A failure to hold above this level may expose the next key support at 1.279.

The price appears to be consolidating in a lower range after breaking key support. A short-term rebound near 1.302 could test the strength of buyers, but continued weakness below 1.29 may signal deeper bearish potential. Investors should remain cautious ahead of potential follow-through selling in the next 24 hours.