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USD/JPY Price Forecast: Why is the Japanese Yen lagging despite several supportive factors?
- Selling weighs on the Japanese Yen even as several supportive factors remain in place.
- Having held interest rates at 1.25%, the BoJ reaffirms its hawkish policy position.
- Joint intervention with the US remains a possibility, Japan FM Katayama warns.
Selling pressure on the Japanese Yen (JPY) marks the opening of the week, with losses against its major currency counterparts apart from the Australian and New Zealand Dollars. During early European trading, the US Dollar (USD) has gained 0.17% against the Yen to trade around 157.77.
How Is the Japanese Yen Performing Today?
Today's percentage moves in the Japanese Yen (JPY) against the major currencies listed are presented below. The Swiss Franc recorded the strongest performance against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.23% | -0.07% | 0.17% | 0.05% | 0.14% | 0.27% | -0.23% | |
| EUR | 0.23% | 0.16% | 0.37% | 0.27% | 0.37% | 0.50% | 0.03% | |
| GBP | 0.07% | -0.16% | 0.23% | 0.12% | 0.21% | 0.34% | -0.13% | |
| JPY | -0.17% | -0.37% | -0.23% | -0.08% | -0.01% | 0.12% | -0.37% | |
| CAD | -0.05% | -0.27% | -0.12% | 0.08% | 0.10% | 0.21% | -0.25% | |
| AUD | -0.14% | -0.37% | -0.21% | 0.00% | -0.10% | 0.13% | -0.35% | |
| NZD | -0.27% | -0.50% | -0.34% | -0.12% | -0.21% | -0.13% | -0.46% | |
| CHF | 0.23% | -0.03% | 0.13% | 0.37% | 0.25% | 0.35% | 0.46% |
Percentage movements between the major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. For instance, selecting the Japanese Yen on the left and following that row across to the US Dollar gives the percentage change for JPY (base)/USD (quote) in the corresponding cell.
Selling continues to weigh on the Asia-Pacific currency despite several favourable developments. These include a steep fall in oil prices, the Bank of Japan's (BoJ) reaffirmation of its hawkish monetary stance in Friday's policy announcement, and Tokyo's warning of joint intervention with the United States (US).
Currencies of economies heavily dependent on energy imports, such as Japan, stand to benefit from cheaper oil. At the time of writing, WTI Oil is trading near $99.50, down 2.6%.
After keeping interest rates unchanged at 1.25% on Friday, BoJ Governor Kazuo Ueda indicated that monetary tightening would continue. Speaking at the press conference, Ueda said: “BoJ will continue to raise policy rate and adjust degree of monetary easing in response to economic activity, prices and financial condition developments,”
Earlier in the day, Japanese Finance Minister (FM) Satsuki Katayama reiterated that the Joint FX statement with the US remains in place, adding that the government would respond to disorderly movements.
Elsewhere, caution ahead of Tuesday's US midterm elections is weighing on the US Dollar.
USD/JPY Technical Analysis: Will the Sideways Trend Persist?
A broader sideways pattern remains evident on the USD/JPY daily chart, with the pair trading at 157.77. Its 9-day Exponential Moving Average (EMA), around 157.72, has stayed flat for more than a month.
Momentum appears balanced within this sideways trend, with the Relative Strength Index (RSI) reading 50.81, close to the neutral line.
The October low of 156.08 provides the key support on the downside, while the high of 24 September at 159.04 marks the pair's principal resistance.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Economic Release in Focus
What Does the BoJ Interest Rate Decision Signal?
Each of the Bank of Japan's (BoJ) eight scheduled meetings a year is followed by an announcement of its interest rate decision. A rate increase accompanied by a hawkish assessment of the economy's inflation outlook generally supports the Japanese Yen (JPY). Conversely, a dovish assessment of Japan's economy, alongside unchanged or lower interest rates, is usually negative for JPY.
Read further.Latest release: Fri 30 Oct 2026 03:03
Release frequency: Irregular
Actual figure: 1.25%
Consensus estimate: 1.25%
Previous reading: 1.25%
Data source: Bank of Japan
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