This Week In Forex, Crypto, And Stocks: Taking a Closer Look at USD/JPY
|Hi investors! Here’s your 5-minute overview of the forex, crypto, and stock markets with hot stories that may have an impact on your investment strategy.
Forex Market Overview
Let’s start with the Forex Market. Last week was a bit of a disappointment for those holding onto an American Dollar that was weighed down by trade tensions and an increasingly negative outlook from the Fed. The Fed’s recent interest in cutting interest rates is now an ongoing cause for concern.
While the American Dollar floundered, the Canadian Dollar was able to perform above investor expectations. The New Zealand Dollar was also able to do surprisingly well, largely due to the fact that many of the larger currencies have been struggling.
In Europe, the Pound experienced yet another disappointing performance, hurt by further Brexit uncertainties and a series of disappointing financial reports. On the mainland, the Euro performed marginally better, though the continental currency still had its fair share of ups and downs.
The Yen is yet another currency that has been down and with few Japanese reports on the horizon, it will likely remain down this week as well. The biggest reports to watch this week include American CPI numbers and retail sales figures. If you’re new to forex trading, my book, Invest Divas Guide to Making Money in Forex is the best place to start.
Taking a Closer Look at USD/JPY
On the charts, the USD/JPY pair appears to have completed a double top chart pattern on and attempting to bottom out at 108. On the 4-hour time frame, it is testing the lower band of the Ichimoku Cloud with the Tenkan line crossing about the Kijun line.
USD/JPY 4-hour chart — Ichimoku Analysis
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Crypto Market Overview
Next is the crypto market. Bitcoin began last week with a bit of a slide, dropping in value from a 2019 peak around $8,800 to a June floor around $7,500. However, things are starting to look up again for the world’s largest cryptocurrency, who opened this week with a $300 rebound.
Holders of Litecoin were greeted with good news to start this week as the coin broke the $125 mark and reached its highest price in over a year. Other alt-coins also opened this week with a rally, suggesting that the crypto industry as a whole may be experiencing a fundamental change in value.
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