Based on the last 12 Philadelphia Fed Manufacturing Index events in United States, a $274.05 movement could occur on USDJPY within 2 hours following the event release at 19 May 12:30. We expect USDJPY to trend upwards 2 hours following the event release at 19 May 12:30 if the released value is > 16

Historical events that allowed us to draw this conclusion

17 Mar 12:30

18 Nov 13:30

16 Sep 12:30