If the forex market had a theme song this week, it might be something tense and unresolved — because that's exactly how traders left things on Friday. The week opened under the shadow of a Supreme Court ruling that struck down President Trump's IEEPA-based reciprocal tariff framework, only for the administration to pivot immediately to a 15% global levy under Section 122 authority. That legal sleight of hand kept uncertainty firmly in the driver's seat, and it colored nearly every session that followed. Layered on top of that was a subplot that rattled yen traders specifically: reports of political pressure on the Bank of Japan, capped by the government's nomination of two reflationist academics to the BOJ's policy board. Meanwhile, Australia's hotter-than-expected January CPI gave the Aussie dollar one of the week's cleaner fundamental stories, and a late-week US PPI beat muddied the Fed rate cut narrative just enough to keep dollar traders guessing. Safe-haven flows, central bank divergence, and geopolitical tension around US-Iran nuclear talks did the rest. Here's how it all played out across the major pairs.