USD/JPY Extends Winning Streak For Third Day, US CPI Is On Horizon

By Sagar Dua of FXStreet

Wednesday, February 12, 2025 6:41 AM EDT

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%.

More By This Author:

AUD/USD Declines From Two-Week High Around 0.6300, US CPI In Focus
Pound Sterling Holds Onto Gains Against US Dollar Ahead Of US CPI
Silver Price Forecast: XAG/USD finds cushion after plummeting to $31.30, Fed Powell’s speech eyed

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