SHIBJPY Market Overview for 2025-11-14

Summary
• SHIBJPY declined 0.63% over 24 hours, closing at 0.001418 from 0.001431.
• Volume surged to 138559801 units, but turnover was uneven with divergence in final hours.
• Key support tested at 0.001414, while bearish engulfing patterns signaled short-term weakness.

At 12:00 ET on 2025-11-14, Shiba Inu/Yen (SHIBJPY) closed at 0.001418, down from an open of 0.001431. The 24-hour period saw a high of 0.001485 and a low of 0.001387. Total traded volume was 1,469,549,634 units, with a notional turnover of approximately ¥2,107,855 (based on volume and average rate).

Over the past 24 hours, SHIBJPY displayed a consistent bearish bias, with price action repeatedly failing to reclaim key resistance levels above 0.001442. Notable formations included a bearish engulfing pattern at 18:30 ET and a doji at 00:45 ET, signaling indecision. These patterns suggest short-term selling pressure, particularly as bears pushed price below 0.001427 and into a critical support zone.

The 20-period and 50-period moving averages on the 15-minute chart remained bearish, with price consistently below both. The 50-period MA crossed below the 100-period MA on the daily chart, reinforcing a negative bias. RSI (14) showed oversold conditions near 25 at 04:45 ET but failed to trigger a meaningful rebound, indicating weak buying interest. MACD remained negative with no clear histogram divergence, suggesting a lack of reversal momentum.

Bollinger Bands tightened during mid-session hours before expanding after 04:45 ET, reflecting increased volatility as bears pushed through the 0.001427 level. Price spent much of the session in the lower half of the bands, indicating bearish control. A key 38.2% Fibonacci retracement level from the 0.001387 low was tested at 0.001414 and held firm, though a break below this could expose further downside to 0.001401.

A bearish engulfing pattern formed at 18:30 ET, signaling continued downward bias. Volume was unusually high during this bar, confirming bear strength. This pattern aligns with the broader downtrend and could be used as a trigger point for short-term selling.

Backtest Hypothesis
To validate the bearish bias observed in SHIBJPY, a backtest using a bearish engulfing pattern as a sell signal can be implemented. A short entry would be triggered at the open of the candle following confirmation, with a stop-loss placed above the most recent swing high (e.g., 0.001442). Targets could be set at the next Fibonacci support level (0.001401) or a fixed profit target based on ATR. Exit would occur either on a close below the support or at the next bar’s open after hitting the target. This strategy can be tested from 2022-01-01 to 2025-11-14 using daily or 1-hour data for a realistic evaluation.