USD kicks off: Harker’s speech could shake USDJPY

FOMC member Patrick T. Harker’s upcoming speech may reshape market sentiment, with the USDJPY pair likely to continue correcting towards 144.00 amid anticipation. Discover more in our analysis for 5 June 2025.

USDJPY forecast: key trading points

• FOMC member Patrick T. Harker to deliver a speech
• USDJPY forecast for 5 June 2025: 144.00 and 141.70

Fundamental analysis

The USDJPY forecast for today, 5 June 2025, factors in a scheduled speech by Federal Reserve Bank of Philadelphia President and FOMC member Patrick T. Harker at the Philadelphia Council for Business Economics.

Harker is expected to address the current US economic landscape, including easing inflation and rising unemployment. In previous speeches, he has expressed concern about weakening consumer sentiment and potentially declining inflationary pressures.

Given the latest weak economic releases, such as a drop in the services PMI and a soft ADP jobs report, any signals regarding shifts in monetary policy could affect the US dollar and, consequently, the USDJPY rate.

Overall, Harker’s comments may provide fresh clues on the Federal Reserve’s future course of action, especially ahead of the key Nonfarm Payrolls (NFP) data due on 6 June. The USDJPY forecast for 5 June 2025 hinges on Harker’s speech, which could support the USD and extend the correction in the USDJPY rate.

USDJPY technical analysis

Having tested the lower Bollinger Band, the USDJPY pair formed a Hammer reversal pattern on the H4 chart, with the price currently near the 143.00 mark. Currently, the pair could continue a corrective wave following the signal from the pattern. With the price remaining within a descending channel, the pair has room to reach the 144.00 resistance level.

However, today’s USDJPY forecast also takes into account an alternative scenario, where the price dips to 141.70 without testing the resistance level.

Summary

Market focus remains on FOMC member Harker’s speech and upcoming NFP data. USDJPY technical analysis points to a likely price correction towards the 144.00 resistance level before a decline.