USD/JPY Price Forecast: Multiple Tailwinds Fail to Prevent Japanese Yen Underperformance

Despite several supportive factors, the Japanese Yen remains under selling pressure.
1.25% rates remain unchanged as the BoJ reaffirms its hawkish policy stance.
Possible joint intervention with the US remains on the table, Japan FM Katayama warns.

The US Dollar (USD) is up 0.17% against the Japanese Yen (JPY). The pair trades around 157.77 in early European trading. As the week begins, the Yen is weaker against its major peers apart from the Australian and New Zealand Dollars.

Japanese Yen: Today's Currency Moves

Today's percentage moves in the Japanese Yen (JPY) against the major currencies listed appear in the table below. The Swiss Franc was the Yen's strongest counterpart.

	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, following the Japanese Yen row horizontally to the US Dollar column gives the percentage change for JPY (base)/USD (quote).

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

Several tailwinds have failed to prevent selling in the Asia-Pacific currency. These include a steep pullback in oil prices, a renewed hawkish monetary policy message from the Bank of Japan (BoJ) in Friday's policy announcement, and Tokyo's warning of joint intervention with the United States (US).

WTI Oil is down 2.6%, trading near $99.50 at the time of writing. Lower oil prices are favourable for currencies of economies such as Japan, which rely heavily on energy imports.

After keeping interest rates 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 said the Joint FX statement with the US remains in effect and pledged government action against disorderly moves.

With investors becoming cautious before Tuesday's US midterm elections, the US Dollar is trading lower overall.

157.77: USD/JPY Technical Outlook

At 157.77 on the daily chart, USD/JPY remains in a broader sideways pattern. Its 9-day Exponential Moving Average (EMA), around 157.72, has stayed flat for more than a month.

A Relative Strength Index (RSI) reading of 50.81, close to the neutral line, points to balanced momentum within the sideways trend.

October's low of 156.08 provides the main downside support. On the upside, the key resistance is 159.04, the high recorded on 24 September.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Economic Data Focus

BoJ Policy Rate Decision

Following each of its eight scheduled meetings a year, the Bank of Japan (BoJ) releases its interest rate decision. A rate increase accompanied by a hawkish assessment of the economy's inflation outlook is generally positive for the Japanese Yen (JPY). Conversely, an unchanged rate or a cut alongside a dovish assessment of Japan's economy is usually negative for JPY.

Latest release: Fri, 30 October 2026 03:03

Release frequency: At irregular intervals

Reported figure: 1.25%

Consensus forecast: 1.25%

Prior figure: 1.25%

Data source: Bank of Japan