The USDJPY rate is consolidating in the price area around 152.00, with the market focus on the Fed chairman’s speech before the US Senate today. Find out more in our analysis for 11 February 2025.
USDJPY forecast: key trading points
- Market focus: Federal Reserve Chairman Jerome Powell’s speech before the US Senate
- Current trend: the downtrend
- USDJPY forecast for 11 February 2025: 151.00 and 152.50
Fundamental analysis
The Japanese yen has been gradually strengthening its position at the beginning of the year. Bank of Japan’s Board member Naoki Tamura said recently that the BoJ should raise the benchmark interest rate to at least 1% in the second half of 2025.
This view was supported by the recent data on wages and household spending in Japan, which showed a stronger-than-expected increase, bolstering expectations of a BoJ rate hike.
Investors are currently awaiting the release of Japan’s GDP and inflation statistics next week to assess the future outlook for the BoJ monetary policy. Today, the market will focus on Federal Reserve Chairman Jerome Powell’s speech before the US Senate, in which he could announce the regulator’s further plans.
USDJPY technical analysis
On the H4 chart, the USDJPY pair is steadily declining after the previous growth, with the Alligator indicator confirming the downward momentum. The pair is trading in a descending price channel, with the price now consolidating around its lower boundary. The key support level is at 151.00.
Today’s USDJPY forecast suggests that the pair will have the potential for an upward reversal and further growth if the bulls bring the quotes back to the area above the 152.50 resistance level. Conversely, if the bears push the price below 151.00, the pair could decline to 150.00.
Summary
The Japanese yen is gradually strengthening against the US dollar, with the quotes currently trading around 152.00. Today, market participants are awaiting Federal Reserve Chairman Jerome Powell’s speech before the US Senate.
Source: Roboforex
