USD/JPY – Upside in play [Video]
![USD/JPY – Upside in play [Video]](https://editorial.fxsstatic.com/images/i/USDJPY-bullish-object.png)
Potential for the upside movement.
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Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
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GBP/USD trades in positive territory at around 1.3650 in the European session on Friday as the upbeat PMI data supports Pound Sterling despite disappointing Retail Sales figures. Meanwhile, the US Dollar (USD) struggles to stay resilient against its peers following the Treasury Department's decision to boost long-term bond purchases earlier in the week, helping the pair hold its ground ahead of US PMI data.
EUR/USD consolidates its weekly gains at around 1.1700 in the European session on Friday following the mixed PMI prints from Germany and the Eurozone. Investors await preliminary August PMI surveys for the US, while the persistent USD weakness allows the pair to keep its footing.
Gold sticks to modest gains near its highest level since early June, touched earlier this Friday, and trades just above $4,550 heading into the European session. The commodity is looking to build on the breakout momentum above a technically significant 200-day Simple Moving Average amid a weaker US Dollar. Traders scaled back their bets on an immediate interest rate hike by the Fed after the latest US inflation data released last week signaled signs of cooling price pressures.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are extending their rallies as bullish momentum strengthens and continue to cheer the US Treasury’s decision to double its debt buyback operations. BTC has climbed nearly 20%, ETH over 25% and XRP nearly 30% so far this week.
The Japanese Yen staged a spectacular 900-pip comeback after a historic US-Japan intervention. Less than three weeks later, that rescue is already showing signs of fading. The Yen is benefiting somewhat from a softer US Dollar, but its downward trend is likely to resume as the underlying pressure on the currency has not disappeared.
The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.
