CFD Market Analysis: USDJPY Trading Rate

14.02.2025 02:53

USD/JPY remains above 152.50, downside appears as Trump postpones reciprocal tariffs

USD/JPY struggled after President Trump's delay of reciprocal tariffs.
The US Dollar weakens as US yields decline across the curve.
Japan's Economy Minister Ryosei Akazawa stated that authorities will take appropriate action regarding US reciprocal tariffs.

USD/JPY remains steady after registering losses in the previous session, trading around 152.60 during the Asian hours on Friday. The pair faced challenges following US President Donald Trump’s decision to postpone the implementation of reciprocal tariffs. Additionally, the US Dollar (USD) weakens amid falling US yields across the curve, despite ongoing concerns about a global trade war. Investors now await the release of US Retail Sales data later in the day.

The US Dollar Index (DXY), which measures the US Dollar’s value against six major currencies, extends its losses for the fourth successive session. The DXY trades around 107.00 with 2-year and 10-year yields on US Treasury bonds standing at 4.31% and 4.53%, respectively, at the time of writing.

Core PPI inflation in the United States (US) rose to 3.6% YoY in January, exceeding the expected 3.3% but slightly below the revised 3.7% (previously reported as 3.5%). This has reinforced expectations that the Federal Reserve (Fed) will delay rate cuts until the second half of the year. Additionally, persistently strong inflation could further support the outlook for the Fed to keep interest rates at 4.25%-4.50% for an extended period.

On Friday, Japan's Economy Minister Ryosei Akazawa stated that the authorities will respond appropriately to US reciprocal tariffs. Akazawa further stated that the weak Japanese Yen (JPY) has a variety of impacts on Japan's real economy.

The Japanese Yen (JPY) gained support following Thursday’s release of stronger-than-expected Producer Price Index (PPI) data from Japan, reinforcing expectations of further rate hikes by the Bank of Japan (BoJ). The data highlights expanding inflationary pressures in Japan, further supported by recent wage growth figures, strengthening the case for additional BoJ rate hikes.

Japanese Yen FAQs

What key factors drive the Japanese Yen?

The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.

How do the decisions of the Bank of Japan impact the Japanese Yen?

One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.

How does the differential between Japanese and US bond yields impact the Japanese Yen?

Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.

How does broader risk sentiment impact the Japanese Yen?

The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

13.02.2025 14:38

USD/JPY tumbles from weekly high of 154.80 as Japanese Yen outperforms on safe-haven bid

USD/JPY dives to near 153.40 amid significant strength in the Japanese Yen.
Investors remain on their toes as US Trump reiterates reciprocal tariff threats.
The Fed stated that a restrictive policy stance is favorable if progress in the disinflation trend stalls.

The USD/JPY pair falls sharply to near 153.40 in Thursday’s North American session from its weekly high of 154.80, which it posed on Wednesday. The asset weakens as second-level safe-haven assets, such as the Japanese Yen (JPY) and the Swiss Franc (CHF), perform strongly across the board.

Japanese Yen PRICE Today

The table below shows the percentage change of the Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.03%	-0.15%	-0.60%	-0.03%	0.40%	0.33%	-0.54%
EUR	-0.03%		-0.19%	-0.64%	-0.06%	0.34%	0.30%	-0.58%
GBP	0.15%	0.19%		-0.48%	0.13%	0.55%	0.48%	-0.39%
JPY	0.60%	0.64%	0.48%		0.54%	0.99%	0.88%	0.05%
CAD	0.03%	0.06%	-0.13%	-0.54%		0.44%	0.36%	-0.51%
AUD	-0.40%	-0.34%	-0.55%	-0.99%	-0.44%		-0.07%	-0.93%
NZD	-0.33%	-0.30%	-0.48%	-0.88%	-0.36%	0.07%		-0.87%
CHF	0.54%	0.58%	0.39%	-0.05%	0.51%	0.93%	0.87%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

The safe-haven bid of the JPY and the CHF strengthens amid worries that the imposition of reciprocal tariffs by United States (US) President Donald Trump will lead to a global trade war. Trump reiterated reciprocal tariff threats in early North American trading hours through a post on Truth Social.

"Three great weeks, perhaps the best ever, but today is the big one: reciprocal tariffs!!! Make America great again!!!," Trump said.

Contrary to strength in the JPY and the CHF, the US Dollar (USD) faces selling pressure on optimism over a truce between Russia and Ukraine. Donald Trump announced on Wednesday that leaders of both nations had agreed to peace talks.

The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, has recovered some of its morning losses but is still down 0.15% to near 107.80.

Meanwhile, the outlook for the US Dollar remains firm as hot US Consumer Price Index (CPI) and Producer Price Index (PPI) reports for January have boosted expectations that the Federal Reserve (Fed) will keep interest rates in the current range of 4.25%-4.50% for longer.

Fed Chair Jerome Powell said in his two-day testimony before Congress that the central bank can maintain “policy restraint for longer” if the economy remains strong and “inflation does not move toward 2%."

(This story was corrected on February 13 at 14:46 to say that the US Dollar Index (DXY) has recovered some of its morning losses, not some of its morning gains.)

US Dollar FAQs

What is the US Dollar?

The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.

How do the decisions of the Federal Reserve impact the US Dollar?

The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.

What is Quantitative Easing and how does it influence the US Dollar?

In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar.

What is Quantitative Tightening and how does it influence the US Dollar?

Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

13.02.2025 10:13

USD/JPY: Likely to consolidate between 153.30 and 154.85 – UOB Group

US Dollar (USD) is likely to consolidate between 153.30 and 154.85. USD could continue to rise; overbought conditions suggest that any advance may not reach 155.80, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

USD can continue to rise vs the JPY

24-HOUR VIEW: "While we expected USD to 'rise further' yesterday, we highlighted that 'the major resistance at 154.35 is unlikely to come under threat.' USD rose but remained below 154.35 until NY trade, when it surged to 154.79. USD closed on a strong note at 154.41, gaining 1.27%. The rally appears to be overdone, and USD is unlikely to rise much further. Today, USD is more likely to consolidate between 153.30 and 154.85."

1-3 WEEKS VIEW: "We revised our view from negative to neutral yesterday (12 Feb, spot at 152.95), indicating that 'downward pressure has eased.' We added, USD 'is likely to trade in a 151.40/154.35 range for the time being.' The subsequent strong surge that sent USD to a high of 154.79 was surprising. While USD could continue to rise, deeply overbought conditions suggest that any advance may not reach the major resistance at 155.80. On the downside, a breach of 152.50 would indicate that USD is not rising further."

12.02.2025 21:13

USD/JPY Price Forecast: Surges past 154.50 post hot CPI

USD/JPY jumps over 1%, breaking 153.00 and 154.00 resistance levels.
Hot US inflation fuels Treasury yield surge, boosting dollar strength.
Technical outlook: Bulls eye 155.26, but key support lies at 153.00.

The USD/JPY rallied sharply on Wednesday after a hot US inflation report spurred a jump in the US 10-year Treasury yield, closely correlated with the major. Hence, the pair aimed higher, clearing the 153.00 and 154.00 figures on their way toward current spot prices, near 154.50.

USD/JPY Price Forecast: Technical outlook

The USD/JPY enjoyed an over 1% rally on Wednesday after clearing the 200-day Simple Moving Average (SMA) at 152.76, opening the door for further upside. Despite this, the pair found stir resistance at the Kijun-sen at 154.90 before consolidating near the 154.50 area,

Despite this, the pair is neutral to downward biased after registering a successive series of lower highs and lower lows. If bulls want to regain control, the USD/JPY must clear the 50-day SMA at 155.26, followed by the latest cycle high of 155.89.

On the other hand, a drop below 154.00 would expose the Senkou Span B at 153.76, followed by the 153.00 figure and the 200-day SMA at 152.76.

USD/JPY Price Chart – Daily

Japanese Yen PRICE Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.05%	0.03%	0.00%	0.03%	0.06%	0.05%	0.03%
EUR	-0.05%		-0.02%	-0.05%	-0.02%	-0.01%	0.00%	-0.02%
GBP	-0.03%	0.02%		-0.04%	0.00%	0.03%	0.02%	-0.00%
JPY	0.00%	0.05%	0.04%		0.03%	0.06%	0.05%	0.03%
CAD	-0.03%	0.02%	-0.00%	-0.03%		0.02%	0.02%	-0.00%
AUD	-0.06%	0.01%	-0.03%	-0.06%	-0.02%		-0.01%	-0.03%
NZD	-0.05%	-0.01%	-0.02%	-0.05%	-0.02%	0.00%		-0.02%
CHF	-0.03%	0.02%	0.00%	-0.03%	0.00%	0.03%	0.02%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

12.02.2025 13:54

USD/JPY rises to fresh weekly high above 154.00 after US inflation data

USD/JPY extends its daily uptrend, trades above 154.00 in the American session.
Annual CPI inflation in the US rose to 3% in January.
The benchmark 10-year US Treasury bond yield is up about 2% on the day.

USD/JPY gathered bullish momentum in the early American session on Wednesday and reached a fresh weekly high near 154.50. At the time of press, the pair was up 1.2% on the day at 154.32.

Hot US inflation data boosts USD

The US Dollar (USD) outperforms its rivals and helps USD/JPY push higher following the January inflation data.

The US Bureau of Labor Statistics reported that the Consumer Price Index (CPI) rose 3% on a yearly basis in January, above the market expectation and December's increase of 2.9%. Additionally, the core CPI, which excludes volatile food and energy prices, increased 0.4% on a monthly basis.

Reflecting the broad-based USD strength, the USD Index is up 0.5% on the day near 108.50. Additionally, the benchmark 10-year US Treasury bond yield rises nearly 2% on the day above 4.6%, further supporting the USD.

Later in the day, the US Treasury will hold a 10-year note auction. Meanwhile, market participants will keep a close eye on headlines surrounding US President Donald Trump tariff policy.

Inflation FAQs

What is inflation?

Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%.

What is the Consumer Price Index (CPI)?

The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls.

What is the impact of inflation on foreign exchange?

Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money.

How does inflation influence the price of Gold?

Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative.

12.02.2025 11:25

USD/JPY extends winning streak for third day, US CPI is on horizon

USD/JPY climbs to near 154.00 amid weakness in the Japanese Yen.
BoJ Ueda cautioned about rise in food prices that could stimulate inflation expectations.
Investors await the US CPI data for fresh cues about the Fed’s monetary policy outlook.

The USD/JPY pair jumps to near 154.00 in Wednesday’s European session on extending its winning streak for the third trading day. The asset performs strongly as the Japanese Yen (JPY) continues to face selling pressure even though market participants have become increasingly confident that the Bank of Japan (BoJ) will maintain a hawkish monetary policy stance going ahead.

Japanese Yen PRICE Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.20%	-0.09%	0.66%	0.07%	0.25%	0.26%	-0.29%
EUR	0.20%		0.12%	0.85%	0.27%	0.45%	0.46%	-0.08%
GBP	0.09%	-0.12%		0.71%	0.16%	0.33%	0.35%	-0.19%
JPY	-0.66%	-0.85%	-0.71%		-0.58%	-0.41%	-0.41%	-0.94%
CAD	-0.07%	-0.27%	-0.16%	0.58%		0.18%	0.18%	-0.35%
AUD	-0.25%	-0.45%	-0.33%	0.41%	-0.18%		0.01%	-0.53%
NZD	-0.26%	-0.46%	-0.35%	0.41%	-0.18%	-0.01%		-0.54%
CHF	0.29%	0.08%	0.19%	0.94%	0.35%	0.53%	0.54%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

BoJ hawkish bets have escalated as BoJ Governor Kazuo Ueda has cautioned about an expected increase in food prices.

Earlier in the day, Kazuo Ueda warned that rise in prices of food, including fresh food, could accelerated consumer inflation expectations. "Rises in the prices of food, including fresh food, won't necessarily be temporary and there's the chance that this will impact people's mindsets and price expectations," Ueda said, Reuters report.

Meanwhile, the US Dollar (USD) is broadly sideways, with the US Dollar Index (DXY), wobbling around 108.00. The USD consolidates as investors await the United States (US) Consumer Price Index (CPI) data for January, which will be published at 13:30 GMT.

Investors will pay close attention to the US inflation data as it will influence speculation for how long the Federal Reserve (Fed) will keep interest rates steady in the range of 4.25%-4.50%.

The CPI report is expected to show that the core inflation – which excludes volatile food and energy prices – decelerated to 3.1% from 3.2% in December, with the headline CPI remaining steady at 2.9%.

US Dollar FAQs

What is the US Dollar?

The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.

How do the decisions of the Federal Reserve impact the US Dollar?

The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.

What is Quantitative Easing and how does it influence the US Dollar?

In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar.

What is Quantitative Tightening and how does it influence the US Dollar?

Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

12.02.2025 09:26

USD/JPY: Still watching out for reciprocal tariffs – OCBC

USD/JPY continued to trade higher, in line with our near-term caution about the reciprocal tariff uncertainty. USD/JPY was last seen at 153.45 levels, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Rebound risks likely in the interim

"Bearish momentum on daily chart intact but shows signs of fading while RSI is turning higher from near oversold conditions. Rebound risks likely in the interim. Resistance at 155.20 levels (50 DMA). Support at 152.70/80 levels (100, 200 DMAs), 151.50 (38.2% fibo retracement of Sep low to Jan high), 150 levels."

"As a recap, Trump mentioned that reciprocal tariff will be applied on all nations, and we believe Japan may not be spared. When it comes to automobile, Japanese cars are amongst the top 5 most popular in US and Korean cars are on the top 10 list. On agricultural products, Japan has a high tariff rate of 204.3% for rice and 23.3% for meat."

"The risk is a direct tariff hit on Japanese goods and JPY may come under pressure in this scenario."

12.02.2025 09:10

USD/JPY: Has a chance to rise further to 153.65 – UOB Group

US Dollar (USD) could rise further to 153.65; the major resistance at 154.30 is unlikely to come under threat. In the longer run, downward pressure has eased; USD is likely to trade in a 151.40/154.35 range for the time being, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD is likely to trade in a 151.40/154.35 range

24-HOUR VIEW: "In early Asian trading yesterday, we indicated that 'the price action still appears to be part of a range trading phase, probably between 151.30 and 152.35.' USD traded in a 151.63/152.60 range, closing at 152.48 (+0.32%). It rose sharply in early Asian trade today. Although upward momentum is building rapidly, the advance appears to be running ahead of itself. That said, provided that 152.30 (minor support is at 152.60) is not breached, USD could rise further to 153.65. The major resistance at 154.35 is unlikely to come under threat."

1-3 WEEKS VIEW: "We turned negative in USD last Thursday (06 Feb, spot at 152.60). On Friday (07 Feb, spot at 151.10), we pointed out that “USD outlook remains negative, and the level to monitor is 150.00.” USD rebounded over the past couple of days, and today, it breached our ‘strong resistance’ level at 153.00. The breach of the ‘strong resistance’ level means that downward pressure has eased. The current price movements are likely part of a range trading phase. For the time being, we expect USD to trade in a 151.40/154.35 range."

11.02.2025 19:46

USD/JPY Price Forecast: Surges as US yields rise, eyes on 200-day SMA

USD/JPY rebounds 0.35% from 151.64 low, driven by bond yield movements.
Technical analysis hints at bullish shift; resistance near 200-day SMA at 152.76.
Downside risks if SMA not surpassed; supports at 152.00 and 150.93 in focus.

The USD/JPY climbed during the North American session. It trades at 152.52 and posts gains of over 0.35% after hitting a daily low of 151.64. The rise of the US 10-year T-note bond yield spurred the rise of the pair, which is positively correlated to the yield of the 10-year.

USD/JPY Price Forecast: Technical outlook

The USD/JPY remains biased downward, even though buyers could challenge the 200-day Simple Moving Average (SMA) at 152.76. The momentum shifted slightly bullish even though the relative strength index (RSI) remains bearish, and the slope aims upwards.

If buyers regain the 200-day SMA, the following key resistance would be the 153.00 mark before testing the Senkou Span B base at 153.76.

On the other hand, if USD/JPY stays below the 200-day SMA, the first support would be the 152.00 figure. Further losses lie below the February 7 daily low of 150.93, followed by the December 3 swing low of 148.64.

USD/JPY Price Chart – Daily

Japanese Yen PRICE Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.53%	-0.60%	0.30%	-0.16%	-0.28%	-0.23%	0.16%
EUR	0.53%		-0.08%	0.85%	0.39%	0.25%	0.30%	0.70%
GBP	0.60%	0.08%		0.93%	0.46%	0.31%	0.36%	0.76%
JPY	-0.30%	-0.85%	-0.93%		-0.45%	-0.59%	-0.53%	-0.14%
CAD	0.16%	-0.39%	-0.46%	0.45%		-0.13%	-0.08%	0.31%
AUD	0.28%	-0.25%	-0.31%	0.59%	0.13%		0.05%	0.44%
NZD	0.23%	-0.30%	-0.36%	0.53%	0.08%	-0.05%		0.39%
CHF	-0.16%	-0.70%	-0.76%	0.14%	-0.31%	-0.44%	-0.39%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

11.02.2025 11:24

USD/JPY ticks higher to near 152.00, Fed Powell’s testimony in focus

USD/JPY trades sideways around 152.00 as Fed Powell’s testimony takes center stage.
Fed Powell is unlikely to provide cues about the timeline from when the central bank could resume the policy expansion cycle.
Yen’s rally appears to have stalled, which was based on BoJ's hawkish bets.

The USD/JPY pair inches higher to near 152.00 in Tuesday’s European session but trades inside Monday’s trading range, which suggests a sideways trend. The pair consolidates as investors await Federal Reserve (Fed) Chair Jerome Powell’s testimony before Congress at 15:00 GMT.

Investors will look for cues about how long the Fed will hold interest rates in the current range of 4.25%-4.50%. Jerome Powell is not expected to provide any timeline about when the Fed could resume its policy-easing cycle, which it paused in January.

In the January meeting, Jerome Powell said that monetary policy adjustments would become appropriate only after policymakers see “real progress in inflation or at least some weakness in the labor market”.

Investors would also like to know the impact of the 25% tariff imposition on imports of steel and aluminum by United States (US) President Donald Trump, which will come into effect on March 12, on inflation and the economy. While, Powell will likely say that it is too early to project.

However, market participants expect that Trump’s tariffs agenda will be inflationary for the US economy.

Meanwhile, a month-long upside move in the Japanese Yen (JPY) appears to have paused for a while. The Japanese Yen remained firm in January on expectations that the Bank of Japan (BoJ) is on track to narrow rate differentials with other central banks. BoJ Governor Kazuo Ueda and Deputy Governor Himino have signaled the possibility of another interest rate hike if the economy and prices perform in line with the central bank's projections.

Japanese Yen PRICE Last 30 days

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies last 30 days. Japanese Yen was the strongest against the Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.17%	-0.44%	-3.73%	-0.32%	-1.17%	-0.74%	0.03%
EUR	0.17%		-0.27%	-3.58%	-0.15%	-1.02%	-0.58%	0.19%
GBP	0.44%	0.27%		-3.26%	0.12%	-0.75%	-0.30%	0.47%
JPY	3.73%	3.58%	3.26%		3.54%	2.65%	3.08%	3.91%
CAD	0.32%	0.15%	-0.12%	-3.54%		-0.87%	-0.43%	0.35%
AUD	1.17%	1.02%	0.75%	-2.65%	0.87%		0.44%	1.22%
NZD	0.74%	0.58%	0.30%	-3.08%	0.43%	-0.44%		0.77%
CHF	-0.03%	-0.19%	-0.47%	-3.91%	-0.35%	-1.22%	-0.77%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

11.02.2025 09:22

USD/JPY: Likely to trade between 151.30 and 152.35 – UOB Group

US Dollar (USD) is likely to trade in a range, probably between 151.30 and 152.35. In the longer run, USD outlook remains negative; the level to monitor is 150.00, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

USD outlook remains negative

24-HOUR VIEW: “Following last Friday’s price movements, we indicated yesterday (Monday) that ‘there has been no increase in either downward or upward momentum.’ We were of the view that USD ‘is likely to trade in a range between 151.10 and 152.70.’ USD subsequently traded in a narrower range than expected (151.24/152.53). The price action still appears to be part of a range trading phase, probably between 151.30 and 152.35.”

1-3 WEEKS VIEW: “We turned negative in USD last Thursday (06 Feb, spot at 152.60). On Friday (07 Feb, spot at 151.10), we pointed, ‘USD outlook remains negative, and the level to monitor is 150.00. We will maintain our negative view as long as 153.00 (‘strong resistance’ level previously at 153.30) is not breached.”

10.02.2025 22:52

USD/JPY Price Forecast: Recovers but fails at 152.00, bears lurk

USD/JPY up 0.39%, still below key 152.00 level amidst ongoing bearish momentum.
Technical indicators point to downtrend; pair below 200-day SMA and Ichimoku Cloud.
Key supports at 150.00 and 148.64; breaching these could lead to significant downside.

The USD/JPY recovered some ground on Monday and finished the session on a higher note, registering gains of 0.39% but closing below the 152.00 figure. As Tuesday’s Asian session begins, the pair is virtually unchanged, but set to extend its losses as bulls failed to reclaim the 200-day Simple Moving Average (SMA) at 152.76

USD/JPY Price Forecast: Technical outlook

The USD/JPY downtrend remains after tumbling below the 200-day SMA and the Ichimoku Cloud (Kumo). Monday’s price action registered a daily high at 152.53 before slumping below the 152.00 mark, opening the door for further downside.

Momentum remains bearish, as the Relative Strength Index (RSI) depicts. Therefore, the USD/JPY might extend its losses.

The first support would be the 150.00 figure. A breach of the latter will expose the December 3 latest cycle low of 148.64, followed by the September 30 at 141.65.

However, if buyers reclaim 152.00, they must drive the USD/JPY above the 200-day SMA and the 153.00 mark.

USD/JPY Price Chart – Daily

Japanese Yen FAQs

What key factors drive the Japanese Yen?

The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.

How do the decisions of the Bank of Japan impact the Japanese Yen?

One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.

How does the differential between Japanese and US bond yields impact the Japanese Yen?

Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.

How does broader risk sentiment impact the Japanese Yen?

The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

10.02.2025 13:53

USD/JPY gains ground near two-month low near 151.00 as Yen weakens across the board

USD/JPY advances to near 152.00 at the expense of the Japanese Yen.
US President Trump announces that he is prepared to impose 25% tariffs on imports of steel and aluminum.
Investors will pay close attention to Fed Powell’s testimony on Tuesday and Wednesday.

The USD/JPY pair attracts strong bids near the two-month low of 151.00 and bounces back to near 152.00 at the start of the week. The asset strengthens as the Japanese Yen (JPY) weakens across the board after the release of the weak Japan Current Account data for Japan.

Japanese Yen PRICE Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Canadian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.04%	0.05%	0.36%	0.36%	-0.12%	0.07%	0.08%
EUR	-0.04%		0.08%	0.45%	0.44%	-0.16%	0.11%	0.12%
GBP	-0.05%	-0.08%		0.21%	0.33%	-0.24%	0.03%	0.04%
JPY	-0.36%	-0.45%	-0.21%		-0.01%	-0.39%	-0.27%	-0.24%
CAD	-0.36%	-0.44%	-0.33%	0.01%		-0.46%	-0.33%	-0.32%
AUD	0.12%	0.16%	0.24%	0.39%	0.46%		0.28%	0.29%
NZD	-0.07%	-0.11%	-0.03%	0.27%	0.33%	-0.28%		0.00%
CHF	-0.08%	-0.12%	-0.04%	0.24%	0.32%	-0.29%	-0.01%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

The Ministry of Japan reported that the Current Account balance was 1,077.3 billion Yen, almost one-third of November’s reading of 3,352.5 billion Yen.

The Japanese Yen was outperforming its peers last week on firming speculation that the Bank of Japan (BoJ) will raise interest rates further, a scenario that will reduce interest rate differentials with other central banks.

Meanwhile, the US Dollar (USD) is slightly higher amid a risk-aversion mood on renewed fears of a global trade war. On the weekend, United States (US) President Donald Trump threatened to impose 25% tariffs on all imports of steel and aluminum and reciprocal tariffs over nations where he sees unfair trade practices.

The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is 0.1% higher, around 108.20, but has dropped from the intraday high of 108.50.

Investors worry that Trump’s international agenda will impact the US economy and cause inflation. This scenario would force Federal Reserve (Fed) policymakers to maintain a cautious stance on interest rates for longer.

For more guidance on the monetary policy outlook, investors will focus on Fed Chair Jerome Powell’s testimony before the Congress on Tuesday and Wednesday.

Japanese Yen FAQs

What key factors drive the Japanese Yen?

The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.

How do the decisions of the Bank of Japan impact the Japanese Yen?

One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.

How does the differential between Japanese and US bond yields impact the Japanese Yen?

Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.

How does broader risk sentiment impact the Japanese Yen?

The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

10.02.2025 12:56

USD/JPY: Tariff hit may complicate JPY direction of travel – OCBC

USD/JPY rose this morning, tracking the rise in USD on tariff concerns. USD/JPY was last seen at 152.04 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Rebound risks likely in the interim

“Trump announced plan to impose 25% tariff on all steel and aluminium imports and mentioned introducing reciprocal tariffs on all nations. This may imply that Japan maybe implicated. When it comes to automobile, Japanese cars are amongst the top 5 most popular in US and Korean cars make it to the top 10 list. On agricultural products, Japan has a high tariff rate of 204.3% for rice and 23.3% for meat.”

“The risk is a direct tariff hit on Japanese goods and JPY may come under pressure in this scenario. Bearish momentum on daily chart intact while RSI is turning higher from near oversold conditions. Rebound risks likely in the interim. Resistance at 152.70/80 levels (100, 200 DMAs), 154.30 levels. Support at 151.50 (38.2% fibo retracement of Sep low to Jan high), 150 levels.”

10.02.2025 11:11

USD/JPY: Likely to trade between 151.10 and 152.70 – UOB Group

US Dollar (USD) is likely to trade in a range, probably between 151.10 and 152.70. In the longer run, USD outlook remains negative; the level to monitor is 150.00, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD outlook remains negative

24-HOUR VIEW: "After USD plummeted last Thursday, we indicated on Friday that 'while further USD weakness is not ruled out, deeply oversold conditions suggest that any decline may not reach 150.60 (minor support is at 151.00).' We pointed out that 'resistance levels are at 151.80 and 152.50.' USD subsequently swung between 150.93 and 152.41, closing largely unchanged at 151.40 (-0.03%). There has been no increase in either downward or upward momentum. Today, USD is likely to trade in a range, probably between 151.10 and 152.70."

1-3 WEEKS VIEW: "Our update from last Friday (07 Feb, spot at 151.10) is still valid. As pointed, 'USD outlook remains negative, and the level to monitor is 150.00.' We will maintain our negative view as long as 153.30 (no change in ‘strong resistance’ level) is not breached."

07.02.2025 12:21

USD/JPY on the rise ahead of jobs report

USD/JPY rises to 152.10 amid a sour market mood.
Markets await US jobs data, with NFP expected at 175k.
Fed officials remain cautious on rate cuts despite easing inflation.

The USD/JPY pair climbed 0.48% to 152.10 on Friday, supported by the US Dollar’s resilience amid cautious commentary from Federal Reserve officials. With the US labor market remaining solid, traders are eyeing the upcoming Nonfarm Payrolls (NFP) report, which is expected to show a 175k job gain for January. A whisper estimate suggests a slightly stronger 199k reading, signaling continued labor market strength.

With expectations pointing to an unchanged unemployment rate of 4.1% and wage growth stabilizing at 3.8% YoY, markets remain attentive to any surprises in the data. Given recent jobless claims trends and other indicators, there is potential for an upside surprise, which could reinforce the Fed’s cautious stance on rate cuts.

Federal Reserve policymakers continue to push back against early rate cuts. Dallas Fed’s Logan noted that even if inflation moves closer to 2% in the coming months, it would not necessarily justify imminent easing. She emphasized that a stable labor market coupled with lower inflation would signal a neutral policy stance, leaving little room for near-term cuts. Meanwhile, Chicago Fed’s Goolsbee highlighted growing fiscal uncertainties, suggesting they could slow the pace of future rate reductions. Fed officials Bowman and Kugler are also set to speak later today, potentially providing additional insights on monetary policy direction.

In fact the Fed's sentiment index remains deep in hawkish territory and provides a cushion to the US Dollar but the bank's stance might change after today's data.

USD/JPY Technical outlook

USD/JPY continues to gain traction, with technical indicators recovering from recent lows. The Relative Strength Index (RSI) is near the 30 level which suggests intense selling pressure which could trigger a correction. If buying interest persists, the pair could extend gains toward resistance at 152.50, while support remains at 151.50. The outlook favors the bulls, provided the pair holds above key levels.

07.02.2025 11:39

USD/JPY: Oversold conditions suggest any decline may not reach 150.60 – UOB Group

Further weakness US Dollar (USD) is not ruled out; deeply oversold conditions suggest any decline may not reach 150.60. In the longer run, USD outlook remains negative; the level to monitor is 150.00, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

USD outlook remains negative

24-HOUR VIEW: “USD sold off sharply two days ago. Yesterday, we indicated that ‘despite the deeply oversold conditions, the weakness has not stabilised.’ We highlighted that USD ‘could drop further, but given the oversold conditions, it might not be able to break the significant support at 151.80.’ The 151.80 support was tested in Asian trade yesterday but held. However, the level gave way during NY session as USD plunged. The breach of the significant led to a sharp selloff to 151.23. While further USD weakness is not ruled out, deeply oversold conditions decline suggest that any decline may not reach 150.60 (minor support is at 150.00). Resistance levels are at 151.80 and 152.50.”

1-3 WEEKS VIEW: “We revised our USD outlook to negative yesterday (06 Feb, spot at 152.60), but we noted that ‘there is a significant support level at 151.80.’ We did not expect USD to breach the support level as quickly. The outlook remains negative, and the level to monitor now is 150.00. We will maintain our negative view as long as 153.30 (‘strong resistance’ level was at 154.30 yesterday) is not breached.”

06.02.2025 10:36

USD/JPY: Might not be able to break the significant support at 151.80 – UOB Group

US Dollar (USD) could drop further; given the oversold conditions, it might not be able to break the significant support at 151.80. In the longer run, outlook for USD is negative but note the significant support level at 151.80, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

USD is negative but might not reach 151.80

24-HOUR VIEW: “We noted in early Asian trade yesterday that USD ‘is under mild downward pressure and could edge lower.’ However, we were of the view that ‘any decline is unlikely to break below 153.70.’ We did not expect the steep selloff that sent USD plunging by 1.12% (152.60). Despite the deeply oversold conditions, the weakness has not stabilised. Today, USD could drop further, but given the oversold conditions, it might not be able to break the significant support at 151.80. Note that yesterday’s low of 152.10 is expected to provide support as well. On the upside, any recovery is likely to remain below 153.50 (minor resistance is at 153.00).”

1-3 WEEKS VIEW: “Two days ago (04 Feb, spot at 155.20), we indicated, USD ‘is likely to trade in a 153.70/156.70 range for the time being.’ Yesterday, we highlighted that ‘looking ahead, if USD were to break and remain below 153.70, it could trigger a sustained drop.’ However, we did not expect the sudden sharp plunge that reached a low of 152.10. While we are revising our outlook for USD to negative, note that there is a significant support level at 151.80. We will maintain our view provided that USD remains below 154.30.”

05.02.2025 22:33

USD/JPY Price Forecast: Turns bearish, breaches Ichimoku Cloud and 200-DMA

USD/JPY sinks 1.13%, falling sharply to 152.59 as it moves decisively below the 200-day SMA and Kumo.
Potential recovery hinges on reclaiming the 153.00 level, with resistance near the Kumo's lower edge at 153.35/40.
Continued downtrend could target longer-term supports at December lows of 149.36 and 148.65.

The USD/JPY plummeted 175 pips on Wednesday, posting losses of over 1.13% as the pair cleared the Ichimoku Cloud (Kumo). This cements the pair's downtrend, with the Japanese Yen (JPY) set to appreciate in the short term. At the time of writing, the pair trades at 152.59.

USD/JPY Price Forecast: Technical outlook

Bears stepped in on Wednesday, pushing the USD/JPY below the Kumo and breaching the 200-day Simple Moving Average (SMA) at 152.80. This has opened the door for further downside.

Despite this, a leg-up is on the cards, if buyers clear the 153.00 figure, which could pave the way to test the bottom of the Kumo at 153.35/40, offering sellers a better entry price. However, if it surpassed, the next resistance would be the 154.00 mark, followed by the February 5 high at 154.46.

If the downtrend continues, the USD/JPY first support would be the December 6 low of 149.36, followed by the December 3 low of 148.65.

USD/JPY Price Chart – Daily

Japanese Yen PRICE Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.02%	-0.01%	-0.09%	-0.00%	0.04%	0.04%	0.00%
EUR	-0.02%		-0.03%	-0.10%	-0.02%	0.04%	0.03%	-0.04%
GBP	0.01%	0.03%		-0.10%	0.01%	0.03%	0.07%	0.00%
JPY	0.09%	0.10%	0.10%		0.07%	0.12%	0.10%	0.11%
CAD	0.00%	0.02%	-0.01%	-0.07%		0.03%	0.05%	0.01%
AUD	-0.04%	-0.04%	-0.03%	-0.12%	-0.03%		-0.01%	-0.05%
NZD	-0.04%	-0.03%	-0.07%	-0.10%	-0.05%	0.01%		-0.03%
CHF	-0.01%	0.04%	-0.01%	-0.11%	-0.01%	0.05%	0.03%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

05.02.2025 10:30

USD/JPY: High achieved last week at 156.25 could cap upside – BBH

USD/JPY recently formed a lower peak near 158.85 than the one achieved last year at 162, BBH FX analysts report.

Next bearish objectives are located at 151.50 and 151.00/150.80

"Daily MACD has been posting negative divergence and has now dipped below equilibrium line highlighting regain of downward momentum. This is also highlighted by break below a multi-month ascending trend line. The pair is now close to the 200-DMA at 152.80/152.50 which could be a potential support, but signals of a large bounce are not yet visible."

"High achieved last week at 156.25 could cap upside. Below the MA, next objectives are located at 151.50, the 38.2% retracement from September and projections at 151.00/150.80."

CFD Trading Rate US Dollar vs Japanese Yen (USDJPY)

Related news

Japanese Yen FAQs

What key factors drive the Japanese Yen?

How do the decisions of the Bank of Japan impact the Japanese Yen?

How does the differential between Japanese and US bond yields impact the Japanese Yen?

How does broader risk sentiment impact the Japanese Yen?