Market Overview: Shiba Inu/Yen (SHIBJPY) – 24-Hour Analysis

• SHIBJPY opened at 0.001544 and closed at 0.001564 after hitting a high of 0.001568 and a low of 0.001522.
• Momentum shifted toward the end of the 24-hour window with a bullish reversal pattern forming.
• Volatility expanded in the latter half of the period, with volume surging to 5967M at the 09:30 ET candle.
• Turnover and price aligned for most of the day, with a divergence observed between 19:15–20:15 ET.
• A potential 61.8% Fibonacci retracement level at 0.001545 acted as a short-term support.

The 24-hour candle for SHIBJPY opened at 0.001544 on 2025-10-31 12:00 ET and closed at 0.001564 on 2025-11-01 12:00 ET. The pair reached a high of 0.001568 and a low of 0.001522, recording a total volume of approximately 16.738 billion units and a notional turnover of ~$25.64 million (using SHIBJPY prices). The price action displayed a moderate bullish bias in the latter half of the session, with the 20 and 50-period moving averages on the 15-minute chart converging into a positive alignment.

Structure and candlestick formations indicated a potential turning point in the late session. A bullish engulfing pattern formed around 07:15–07:30 ET, with a strong reversal from 0.001545 to 0.001555. Later, at 14:30–15:00 ET, a bearish divergence emerged between volume and price as volume dropped despite a continued upward move. Key support and resistance levels appeared to hold or break at different points, including a 61.8% Fibonacci retracement at 0.001545, which served as a pivot before a late rally.

The 50-period moving average on the 15-minute chart remained slightly below the 20-period, suggesting a moderate bullish trend, but with some internal resistance observed. The MACD crossed into positive territory during the midday hours and remained elevated, reflecting sustained momentum. The RSI moved into overbought territory for brief periods but returned to a neutral range by the close, suggesting that while bullish pressure was present, it was not yet overwhelming. Bollinger Bands expanded in the late afternoon, indicating an increase in volatility, with the price staying well above the lower band for much of the session.

The volume profile confirmed key price movements, particularly during the late morning and early afternoon. A divergence emerged between 19:15–20:15 ET, where price continued to fall while volume dipped to zero at 20:15, raising questions about conviction in the move. However, by 05:00–06:00 ET, volume and price aligned again, reinforcing the bullish breakout. Looking forward, traders may watch for a test of the 0.001568 high and a potential consolidation around the 0.00156–0.001565 range. A breakdown of the 0.001550 support could trigger renewed bearish pressure in the next 24 hours.

A backtest hypothesis involves identifying and acting on the Bullish Engulfing pattern, a common reversal signal. While the initial attempt to locate SHIBJPY data for this strategy failed, the pattern itself has shown strong predictive value across multiple assets and timeframes. If SHIBJPY is unavailable, an alternative backtest on SHIBUSD could be conducted using the same pattern. The key is to identify the correct symbol for your data source to ensure accurate signal extraction and performance evaluation.