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USD/JPY drops back below 157.00 on Japan's verbal intervention
USD/JPY has come under moderate selling pressure below 157.00 in the Asian session on Monday. The Japanese Yen lost ground to near 157.70 following Japan’s ruling Liberal Democratic Party's outright majority win in Sunday’s lower house election, opening the door to more fiscal stimulus by Prime Minister Sanae Takaichi. However, JPY buyers jumped back and dragged the pair southward on FX verbal intervention by Japan’s Finance Minister Katayama.
Gold eyes acceptance above $5,000, kicking off a big week
Gold is consolidating the latest uptick at around the $5,000 mark, with buyers gathering pace for a sustained uptrend as a critical week kicks off. All eyes remain on the delayed Nonfarm Payrolls and Consumer Price Index data from the United States due on Wednesday and Friday, respectively.
FXS SIGNALS
Deeper dive
Are you (hazel) nuts?
A few months ago I started to notice something odd. The price of natural hazelnuts had more or less doubled. Shortly after, they became surprisingly hard to find, at least in supermarkets where they had always been readily available.
Kevin Warsh as Fed Chair
We know from our many client discussions that there appears to be at least some degree of comfort with a Warsh led Fed vs. the other choices.
The Fed is heading for an extended pause, unlike the Bank of Japan
The FOMC decided to keep interest rates steady at 3.5% – 3.75% at its 27–28 January meeting, following three consecutive rate cuts at the end of 2025.
upcoming calendar events
REAL-TIME RATES
CRYPTO KEYS
Bitcoin, Ethereum and Ripple consolidate after massive sell-off
Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.
Ethereum: Trend Research capitulates, BitMine's Thomas Lee sees a V-shaped recovery
Ethereum had one of its sharpest historic declines over the past 10 days, shedding 40% of its value and briefly sliding below $2,000. The dip also saw ETH move below its realized price, or the average cost basis of investors — an occurrence that has historically accelerated selling pressure as investors cut losses.
Why Bitcoin and top cryptos are falling: Bitwise
The crypto market crash since October isn't down to a single factor but a combination of several, according to Bitwise CIO Matt Hougan. In a note to investors on Friday, Hougan outlined six key factors that potentially contributed to the crash that pushed down nearly every top crypto by more than 50% from prices seen over four months ago.