Market Overview for XRPJPY on 2025-11-08

Summary
• XRPJPY surged past ¥364.32 before consolidating near ¥357–358.
• Strong volume confirmed key breakouts and retests of support.
• Momentum indicators show overbought conditions after sharp moves.

XRP/Yen (XRPJPY) opened at ¥342.97 on 2025-11-07 at 12:00 ET and rose to a high of ¥364.32 before settling at ¥357.94 by 12:00 ET on 2025-11-08. The pair traded between ¥341.9 and ¥364.32 with total volume of 1,796,079.9 units and a notional turnover of ¥651,652,642.

The price advanced through a key resistance level at ¥360 before a pullback confirmed this area as a dynamic support. A strong bullish engulfing pattern formed around ¥355.64–357.94, suggesting a potential continuation. The 20-period and 50-period SMAs on the 15-minute chart are both trending upwards, indicating sustained short-term bullish momentum.

Structure & Formations

Key support levels are forming around ¥355.0 and ¥352.0, while resistance appears consolidated near ¥360 and ¥363.0. A notable bullish engulfing pattern developed during the evening hours (ET), which has shown high probability of continuation when confirmed by volume. Doji appear in consolidation zones near ¥358.0, signaling indecision.

Moving Averages and MACD

The 20-period and 50-period SMAs on the 15-minute chart show the price is above both, with the 20 SMA rising faster. MACD lines show a bullish crossover with a positive histogram, supporting the continuation case.

RSI and Bollinger Bands

RSI has reached overbought territory near 70–75, suggesting caution for further upward moves. Price is trading near the upper Bollinger Band, reflecting high volatility during the breakout phase.

Volume & Turnover

Volume spiked during the ¥355–364.32 rally, with several 15-minute bars exceeding 75,000 units. The volume during the consolidation phase remains elevated, supporting the notion of strong participation. Turnover closely aligns with price moves, indicating confirmation rather than divergence.

Fibonacci Retracements

Fibonacci retracement levels from the ¥341.9 to ¥364.32 move show critical levels at ¥355.4 (38.2%) and ¥351.0 (61.8%). Price action retested the 38.2% level twice, with strong rejection suggesting a possible pivot.

Backtest Hypothesis

A backtest based on detecting 15-minute Bullish Engulfing patterns could be implemented by identifying such formations in real-time and holding the position until the closing of the same bar. While the current engine is limited to daily data, an approximate approach would use daily Bullish Engulfing and hold into the next day’s close. For a more precise test, intraday data must be manually processed and aligned with the signal logic.