USD/JPY – Can it Clear 110.00?

USD/JPY – Can it Clear 110.00?

For the past week USD/JPY has had trouble with the 110.00 level. It has mounted that figure more than several times but has not been away to pull away and has barely broken 110.50 only once to pull back once again. 110.00 was the key breakdown level so it only seems natural that the pair will find some resistance there but for the uptrend to continue it needs a conclusive break through 111.00.

Tomorrow’s US GDP figures may provide some support if they print hotter than forecast The market is already expecting a bump to 2.1% from 1.9% on the initial reading, but the true test of the buck may not come until next week when we see the NFP report. If the labor data proves positive chance of a June Fed hike will rise markedly and will help fuel the breakout the bulls are looking for.

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