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ForexMedium•13 February 2026•

1 min read

USD/JPY Retraces NFP Gains as Markets Pivot to US CPI and BoJ Policy Outlook

Donald Trump against maps of the US and Iran, with oil barrels, pipelines, derricks, and upward financial charts amidst flames.

The USD/JPY pair has reversed its recent gains, returning to key support levels despite a robust US Non-Farm Payrolls (NFP) report. Market participants are now shifting their focus toward the upcoming US Consumer Price Index (CPI) data to gauge the Federal Reserve's future interest rate path. Simultaneously, Bank of Japan (BoJ) Governor Kazuo Ueda indicated that price trends in April could serve as a decisive factor for potential rate hikes. This technical retracement places the pair at a critical daily trendline, where further direction depends heavily on inflation outcomes. Analysts suggest that a stronger-than-expected CPI could spark a bullish recovery for the dollar. Conversely, soft inflation data may increase pressure on the pair, potentially breaking the current support levels.