USD/JPY Bullish Momentum and Bitcoin Crypto Rush

Published on: 08/2/19 9:11 AM

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Category: Newsletter

The last week of July morphed into August 2019 with trading at the FX Market having to contend with a raft of policy considerations featured in the economic calendar. The Gopher rallied to take the spotlight after FOMC pronouncements while Bitcoin gained traction to recover lost ground. Forex Broker comparison service FXBrokerFeed brings you the latest news and trends in the FX Broker Market, featuring the USD/JPY currency pair and Bitcoins endurance Cryto Race.

USD/JPY Bulls Rally

The USD/JPY currency pair was spot on to rally after FOMC hawkish rates cut to cap the week at a respectable 109.25 handle early Friday. The Fed delivered on a predictive rate cut by 25 basis points for the first time since 2008 but made no commitments for any further such action. The benchmark interest rates cut, weak global economic forecast, strong US economic data, low inflation and inconclusive US/China negotiations factored to spur the greenback on a bullish rally. Similar outlook sustained the Yen safe haven status to see the pair in overbought and oversold scenario. The market is cautious of the pair’s upward momentum that could well test the 110 resistance level. Chairman Powell was equivocal about FOMC policy balancing hiking bias, neutral stance to easing bias as financial stimulus.

Bitcoin Impending Crypto Rush

The world’s top cryptocurrency went through the rough and tumble during the week to drop to a low USD 9,126 support but recovered to scrape at USD 9,700 resistance level on Wednesday. However, the coin recovered to sustain support around USD 9,500, and broke free past the psychological USD 10,000 level Thursday. In the meantime, Analysts predict that Bitcoin will continue to increase in value largely from support by miners influencing supply and demand. According to data released by monitoring resource; Blockchain, 17,850,000 units have been extracted so far. Bitcoin has a fixed supply of 21,000,000 units which leaves only 3,150,000 units that will not be available for circulation until 2140.

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