The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.
JPY: the Forex market reconquest
2020-02-28 • Updated
Performance in 2020: +2.4%
Last day range: 109.55 – 110.44
52-week range: 104.46 – 112.40
Now that the Coronavirus is reducing its pace of expansion inside China and increasing its conquest globally, the markets woke up to the probability of having it at a pandemic level. The USD is no longer a bastion of safety as it used to be just until recently, and a pre-panic mode is engulfing the Forex market. For the JPY, it means getting back at the pedestal of safe-haven and enjoying high demand from currency investors. The Japanese yen is performing well against most of its counterparts, and the USD/JPY is the most vibrant example of it.
JPY is changing gears
The USD/JPY finally left the corridor of 109.65-110.25 where it takes rest from time to time since the virus broke out. Currently, it trades at 108.96, which flirts with the support of 108.70 and comes to test the mid-term upward trend of the currency pair. Going below 108.70 would mean the currency pair aims at 108.25 – if it’s there, it means the mid-term tendency of USD’s appreciation against the JPY is broken. But it will take a while before that. This Friday, we are likely to see the support of 108.70 tested; next week, the downside corridor between 108.25 and 108.70 will be in the agenda.
US100 broke through the strong resistance trendline, following July's inflation numbers on Wednesday, which were less than analysts expected…
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.