Market Overview for Sui/Yen (SUIJPY): 24-Hour Analysis

• SUIJPY opened at 354.97 and closed at 365.76, forming a strong bullish trend with a 24-hour high of 369.85 and low of 340.80.
• The candlestick pattern shows a breakout above key resistance levels, supported by increasing volume in the final 8 hours.
• RSI indicates overbought conditions near 70, suggesting caution ahead of a potential pullback or consolidation phase.
• MACD crossover and positive divergence with price suggest continued upward momentum, though volatility remains moderate.
• High trading volume concentrated in the last 6 hours of the 24-hour period may indicate increased accumulation or speculative activity.

The Sui/Yen pair (SUIJPY) opened at 354.97 at 12:00 ET − 1 and closed at 365.76 by the same time on 2025-10-31. The pair reached a high of 369.85 and a low of 340.80 over the 24-hour period. Total trading volume reached approximately 335,297 units, with a notional turnover of roughly $119,934,688 (calculated from the average price of ~358 JPY). The price action reflects a strong bullish trend, particularly in the last 8 hours, marked by a breakout above prior resistance and a consistent increase in volume.

The structure of the candlestick chart reveals multiple bullish formations, including a key Bullish Engulfing pattern in the early hours of the morning (00:00–00:30 ET) and several smaller but supportive green candles in the late afternoon and evening. Resistance levels were found at 355.33 and 362.33, with the latter being decisively broken. A strong support was established at 344.50, holding the price from falling further during the midday dip. The RSI approached overbought territory near 70, suggesting possible exhaustion of the current bullish wave and a potential pullback or consolidation period.

Moving averages confirm the upward bias. The 20-period and 50-period SMAs on the 15-minute chart are both trending higher, with the 20-period SMA above the 50-period SMA, indicating short-term bullish momentum. On the daily chart, the 50-period and 100-period SMAs have recently crossed, signaling a potential long-term uptrend. The MACD indicator has crossed into positive territory and remains above the signal line, supporting the continuation of the bullish phase. However, the histogram has started to contract in the last 4 hours, suggesting a slowdown in momentum.

Bollinger Bands show moderate volatility throughout the day, with the price staying near the upper band during the bullish breakout phase and briefly touching the lower band during the midday dip. This suggests that the market was operating within expected volatility ranges and that the recent breakout is likely to be a continuation of the existing trend. Notably, volume spiked during the final 6 hours of the day, aligning with the price breakout and providing confirmation of the bullish bias. However, the divergence between the last 2 hours of rising price and declining volume could signal a pause or a short-term correction.

Backtest Hypothesis

Given the observed patterns and momentum in the SUIJPY pair, a potential backtesting strategy could focus on detecting and acting on Bullish Engulfing patterns, as seen in the early hours of the morning. These patterns often precede meaningful upward moves and are reinforced by volume surges. The backtest would aim to capture the momentum following these setups by entering long positions at the open of the candle after confirmation, holding for 5 days, and exiting at the end of the period or upon encountering a stop-loss or profit target. The strategy would use historical price data from 2022-01-01 to today, with signals generated based on the Bullish Engulfing pattern identification. Performance metrics such as total return, maximum drawdown, Sharpe ratio, and win/loss ratio would be calculated to evaluate the strategy's robustness and effectiveness over time.