Forex Today, Sep 25: Yen Rallies as Dollar Eases

By Pratik Algo | September 25, 2026

*News checked through 14:11 UTC. Price pages retrieved during 14:07–14:10 UTC. These are retrieval times, not verified transaction timestamps. Quotes may be delayed and are not synchronised. All event times are UTC; add 5 hours 30 minutes for IST.*

Forex today features a strong rebound in the Japanese yen, smaller gains in the euro and pound, and a mixed picture across the remaining major currency pairs. The latest retrieved USD/JPY quote was 157.27, down 0.99%, while EUR/USD traded near 1.1398 and GBP/USD near 1.3251.

The key question is whether Friday’s dollar pullback can develop into a broader reversal. Elevated US bond yields and last week’s Federal Reserve tightening remain important counterweights.

Major currency pairs: price snapshot

Source: Investing.com currency quote pages.

A fall in USD/JPY means yen strength. Rising EUR/USD, GBP/USD, AUD/USD and NZD/USD also indicate gains against the dollar. USD/CHF’s positive reading shows that the dollar’s weakness was not uniform.

US data: Michigan revised higher, durable goods mixed

The September final University of Michigan consumer sentiment reading, released at 14:00 UTC, was 48.1. That was above the preliminary 47.8, but below August’s 51.7. The calendar also reported one-year inflation expectations at 4.6%, unchanged from the preliminary reading.

Earlier, the Census Bureau’s August durable goods release at 12:30 UTC showed:

These advance figures are seasonally adjusted, subject to revision and not adjusted for price changes.

Pratik Algo assessment: The sentiment revision reduces the weakness signalled by the preliminary estimate, but does not erase the month’s deterioration. Meanwhile, stronger business equipment orders contrast with the flat headline durable goods figure. Together, these releases provide a mixed growth picture rather than a clear reason to abandon inflation concerns.

The Federal Reserve raised its policy range to 3.75%–4.00% on September 16. This is existing policy context, not a new decision today. The retrieved US 10-year Treasury yield was 5.203%, reinforcing the importance of interest-rate expectations for currency pricing.

USD/JPY: intervention sensitivity drives the standout move

Reuters reported that Japan’s finance minister reaffirmed the shared US-Japan stance behind July’s coordinated intervention, following discussions about yen weakness. This supports heightened intervention sensitivity; it is not confirmation of a new intervention today.

The latest retrieved session range was 156.94–159.00. Our immediate downside reference is 156.94–157.00, combining the observed low with a round number. A sustained break below that area would strengthen the yen’s intraday recovery.

On the other side, 158.00 is a psychological reference. A recovery above it would weaken the immediate bearish USD/JPY picture, with 158.85–159.00 representing the provider’s previous close and session high. None of these prices is an official intervention threshold.

EUR/USD and GBP/USD: recovery still needs confirmation

EUR/USD was trading close to 1.1400, with an observed session high of 1.1410. Sustained trading above that high would improve the recovery case. Failure to hold the 1.1400 area would leave 1.1378, the provider’s previous close, and 1.1368, the session low, in focus.

GBP/USD was nearer its session high at 1.3264. Reuters linked sterling’s earlier recovery partly to hawkish comments from Bank of England Governor Andrew Bailey. Even so, confirmation from price action remains necessary.

For sterling, holding above 1.3264 would support further recovery; a reversal beneath 1.3222, the provider’s previous close, would undermine it. The recorded session low was 1.3209.

AUD, NZD, CAD and CHF: avoid assuming one common direction

AUD/USD and NZD/USD showed modest gains. Reuters reported expectations for a Reserve Bank of Australia rate increase next week; that is a market expectation, not an announced decision. AUD/USD’s 0.7004–0.7037 session range provides the immediate reference points, while NZD/USD’s range was 0.5651–0.5676.

USD/CAD was broadly unchanged. Softer oil can work against the Canadian dollar even when a wider US dollar pullback provides support. This is our interpretation of competing influences, not a fixed oil-to-currency relationship.

USD/CHF remained slightly higher, making the Swiss franc an exception to the broader recovery against the dollar in these snapshots.

These are retrieved intraday range boundaries, not proven support or resistance. They can change as the session develops.

What could move forex next?

Fed communication: Beth Hammack is scheduled to speak at 18:00 UTC. Comments on inflation and policy could affect rate expectations.

Oil and geopolitical headlines: Reuters reported lower oil prices alongside hopes of progress in US-Iran talks. A completed agreement should not be assumed. Renewed energy supply concerns could quickly change the inflation and risk backdrop.

The US afternoon and weekly close: Watch whether EUR/USD and GBP/USD retain their recovery and whether USD/JPY holds near its lower range. Friday’s rebound alone does not establish a lasting trend change.

Pratik Algo outlook: A broader recovery in dollar counterparts would be more convincing if Treasury yields ease and gains extend beyond the yen. Renewed yield pressure, weaker risk appetite or reversals at today’s upper ranges would challenge that scenario.

Continue with our previous forex report and latest market research.

*Educational market commentary, not personalised investment advice. Forex trading involves risk, and news-driven moves can produce slippage and rapid reversals.*