USD/JPY spikes higher after US Flash May PMI beats the street on both counts

The US flash PMI readings for manufacturing and services have just been released. Both have well beaten the forecasts. Manufacturing was at 52.3 and services was also at 52.3. That is quite a positive improvement on both counts, especially on manufacturing. The dollar has reacted to the data by rising on the news. The usually most reactive to this has been the USD/JPY which has soaked to above 143.85 on the news. The better PMI data has also lifted the US stock markets, but not by very much at all and that could be due to the reasons why this data beat. It could be due to inventory build over the past few weeks due to the tariff debacle. For that reason the dollar is seemingly stalling on that initial spike higher, as are US stocks just now. So, it will be interesting to see if the USD/JPY can hold this gain. It is currently trading at 143.80