- USD/JPY declines for the third trading day in a row as the Japanese Yen outperforms.
- BoJ Uchida keeps doors open for further interest rate hikes on hopes of steady wage growth.
- The US Dollar faces selling pressures ahead of Fed Powell’s speech.
The USD/JPY pair extends its losing spree for the third trading day on Thursday. The pair faces selling pressure as the Japanese Yen (JPY) continues to outperform across the board on hopes that the Bank of Japan (BoJ) will raise interest rates further despite elevated global economic uncertainty due to the fallout of tariffs by United States (US) President Donald Trump.
Japanese Yen PRICE This week
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies this week. Japanese Yen was the strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.49% | 0.16% | -0.19% | 0.62% | 0.15% | 0.83% | 0.45% | |
| EUR | -0.49% | -0.20% | -0.13% | 0.63% | 0.29% | 0.83% | 0.44% | |
| GBP | -0.16% | 0.20% | 0.25% | 0.83% | 0.50% | 0.95% | 0.64% | |
| JPY | 0.19% | 0.13% | -0.25% | 0.81% | -0.29% | 0.16% | 0.41% | |
| CAD | -0.62% | -0.63% | -0.83% | -0.81% | -0.19% | 0.20% | -0.18% | |
| AUD | -0.15% | -0.29% | -0.50% | 0.29% | 0.19% | 0.43% | 0.12% | |
| NZD | -0.83% | -0.83% | -0.95% | -0.16% | -0.20% | -0.43% | -0.41% | |
| CHF | -0.45% | -0.44% | -0.64% | -0.41% | 0.18% | -0.12% | 0.41% |
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).
Traders have become increasingly confident about the BoJ raising interest rates again this year after comments from Bank of Japan (BoJ) Deputy Governor Shinichi Uchida earlier this week that “wages are expected to continue rising” as Japan’s job market is very tight despite medium- to-long-term inflation expectations are likely to “temporarily stagnate”.
Meanwhile, the US Dollar (USD) is also underperforming ahead of Federal Reserve (Fed) Chair Jerome Powell’s speech at 12:40 GMT in a Thomas Laubach Research Conference in Washington. Financial market participants would like to know whether the Fed is still sticking to its stance of holding interest rates in the current range of 4.25%-4.50% despite soft US Consumer Price Index (CPI) data for April and a temporary US-China trade truce.
Ahead of Fed Powell’s speech, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades lower near 100.80.
USD/JPY retraces significantly from an almost six-week high of 148.54 to near 145.50 on Thursday. Still, the pair holds the 20-day Exponential Moving Average (EMA), which trades around 145.18, indicating that the near-term trend remains bullish.
The 14-day Relative Strength Index (RSI) struggles to break above 60.00. A fresh bullish momentum would trigger if the RSI breaks above the 60.00 level.
An upside move in the pair towards the psychological level of 150.00 and the March 28 high of 151.21 would come if it breaks above the May 13 high of 148.57.
The asset would face more downside towards the April 22 low of 139.90 and the 14 July 2023 low of 137.25 if it breaks below the May 7 low of 142.42.
USD/JPY daily chart
Economic Indicator
Fed's Chair Powell speech
Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chairman of the Federal Reserve. Powell assumed office as Chair on February 5, 2018.
Read more.Next release: Thu May 15, 2025 12:40
Frequency: Irregular
Consensus: -
Previous: -
Source: Federal Reserve
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD fails to gather traction, remains below 1.1700
EUR/USD fails to gather momentum, trading below 1.1700 at the end of the week. The pair is pulled down by dwindling prospects for an EU-US trade accord, as US President Trump is expected to send a tariff letter to the European Union later today, while the continued demand for the US Dollar also keeps the risk complex under extra pressure.
Meme coins to watch as Bitcoin hits record high
Meme coins Bonk, Dogwifhat, and Floki are positioned to extend gains as the weekly recovery reaches crucial resistance levels. The meme coins gain bullish momentum on the back of Bitcoin’s (BTC) recovery run, hitting a new all-time high on Thursday.
Gold challenges two-week highs near $3,360
Gold gains upside impulse at the end of the week, trading near the $3,360 mark per troy ounce in respose to solid demand from te safe-haven space. Persistent trade uncertainty underpins the ongoing risk-off mood among investors, lending extra wings to the precious metal.
GBP/USD drops below 1.3500, flirts with three-week lows
GBP/USD continues its weekly retracement on Friday, trading at its lowest level in nearly three weeks below the 1.3500 support. The UK's poor GDP statistics drags on the British pound, while the US Dollar continues to profit from safe-haven flows, sending Cable and its risk-related peers to lower levels.
Week ahead – A storm of CPI data and China’s GDP in focus amid trade uncertainty
Dollar attracts safe haven flows amid trade anxiety. US inflation data could shake July Fed cut probability. UK, Canadian and Japanese CPI numbers also on tap. Weak Chinese growth may increase calls for more stimulus.
Best Brokers for EUR/USD Trading
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.