Yen rose in Asian trade for the second session against the US dollar away from two-month lows, thus moving away from the 160 barrier. 

The 160 barrier has become a red line for the Bank of Japan, around which it’ll intervene directly in the forex market to prop up the local currency.

The latest recovery is also boosted by a recent drop in US 10-year treasury yields ahead of important US data and speeches by Fed officials. 

The Price

The USD//JPY pair fell 0.3% to 159.19, with a session-high at 159.70 yen per dollar.

The yen rose 0.1% on Monday against the dollar, inching away from a two-month trough at 159.93. 

Bullish Stance

A collection of opinions and remarks by BOJ policymakers following the latest June meeting showed that several of them directly called for further interest rate hikes to control inflation. 

The 160 Red Line

The 160 has become a red line for the Bank of Japan, after spending $60 billion in the forex market in late April to prop up the currency around that level. 

Several analysts believe that Japan will directly intervene in the forex market to prop up the local currency, even with the threat of the US adding Japan to the forex watch list. 

US Yields

US 10-year treasury yields fell 0.1% on Tuesday on track for the third decline in a row, pressuring the greenback. 

Investors await important US data and speeches by Fed officials this week, which could impact the path forward for monetary policies. 

Most US stock indices gained ground on Monday ahead of crucial data later this week.

The expected data include US GDP growth and personal spending data, important for gauging the likely path ahead for the Federal Reserve. 

Several tech companies sustained heavy losses last week, including Nvidia which lost 4%, with the tech sector extending the negative tone today. 

On trading, Dow Jones rose 0.8%, or 315 points as of 17:56 GMT to 39,473, while S&P 500 rose 0.2%, or 10 points to 5475, as NASDAQ slipped 0.5%, or 80 points to 17,607. 

International benchmark Brent fell on Monday in European trade away from two-month highs on active profit-taking.

The losses are stymied by expectations that global crude inventories will fall in the third quarter due to increasing fuel demand in the summer season. 

The dollar is also losing ground against main rivals, in turn underpinning the appeal of greenback-denominated commodities. 

Prices

Brent crude fell 1.3% today to $83.91 a barrel, with a session-high at $85.01.

Brent closed Friday down 0.75% away from two-month highs at $86.20. 

Brent surged 3% last week, the second weekly profit in a row. 

Global Stocks 

Analysts expect prices to pick up in the upcoming weeks as summer demand surges and global inventories drop. 

Global crude inventories are expected to fall by 850 thousand bpd in the third quarter. 

The Dollar

The dollar index fell 0.3% on Monday, heading for the first loss in three days, and moving away from seven-week highs at 105.92. 

Traders await crucial US data later this week, in addition to remarks by Fed officials, which could impact the likelihood of future US interest rate cuts this year. 

Bitcoin fell on Monday by over 4% to seven-week lows, extending losses after the MT Gox platform announced plans to start repaying its debts in July. 

The shuttered crypto platform is expected to return over 140 thousand bitcoins to victims of the 2014 hack according to a court order, with the payments to be made gradually.

Prices 

Bitcoin fell 4.1% today at Bitstamp to $60,580, the lowest since May 11, with a session-high at $63,302. 

Bitcoin lost 1.7% on Sunday, the sixth loss in seven days under pressure from the dollar. 

The world’s most valuable cryptocurrency lost 5.2% last week, the second weekly loss in a row amid risk aversion.

Crypto Market Value 

The market value of cryptocurrencies fell by over $80 billion on Monday to a total of $2.355 trillion, the lowest in six weeks as both bitcoin and ethereum lost ground.

The Mt. Gox Platform 

The Mt. Gox platform said it’ll begin to distribute stolen assets to clients who suffered the 2014 hacking attack in July, after many years of changing the final dates for the step. 

Earlier this month, Mt. Gox transferred over 140 thousand bitcoins, valued at $9 billion, to a new wallet with an unknown address. 

Mt. Gox, previously the world largest bitcoin exchange, closed in 2014 after revealing it lost hundreds of thousands of bitcoins in a hack. 

Since then clients have been waiting to get their money back, which presents selling pressures on the bitcoin market.