Forex Top Team

USD/JPY has risen above the 138 yen level driven by positive US initial jobless claims and the Philadelphia Fed Index.

The market has responded to the dollar buying pressure following the release of a series of US economic indicators, pushing USD/JPY above the 138 yen level. The May Philadelphia Fed Index improved to -10.4 from the previous reading of -31.3, surpassing market expectations. Additionally, initial jobless claims for the previous week decreased to 242,000 from the previous figure of 264,000.

As a result, the yield on the US 10-year Treasury bond rose further to the 3.62% range. The dollar buying momentum intensified, pushing USD/JPY to update its high at the 138.30 level, while EUR/USD reached a new low at the 1.0789 level.


The dollar buying pressure continues without abating. When the market rises so one-sidedly, it becomes difficult to determine where the rally will stop.

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