A surging US dollar threatens to end the nascent rally in the yen, just as speculators have abandoned betting on the Japanese currency. The USD/JPY currency pair started this week’s trading with the same performance as last week by moving upwards, and its gains reached the 137.65 support level, before settling around the 137.50 level in the beginning of Tuesday’s trading. The US dollar jumped nearly 3% against the Japanese yen last week, buoyed by higher Treasury yields as traders braced for the Federal Reserve’s hawkish commentary at the upcoming Jackson Hole Symposium. The strength was broad as the greenback rose against all of its G10 peers, but it put the dollar-yen back on track to rush towards the closely watched record 140.

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