USD/JPY is currently being held up at critical support, and likely last defense for the 110.00 level, given the markets appetite. The low this year so far has been 110.97. USD/JPY has been on the offer for the best part of 2016, with the Yen as the top performer below 121 vs the greenback. While markets are lacking risk sentiment, the Yen will remain in favor as both a funding currency and safe haven. "Ideally a safe haven currency would be liquid and be associated with both a current account and budget surplus in addition to trustworthy and credible systems of government, law and monetary policy," explained analysts at Rabobank. the Yen gets a tick on that. But as the Yen continues to strengthen, investors, and the Japanese authorities for that matter, are getting concerned of the negative ramifications and intervention could be on the cards, especially should 110.00 become a reality and scored in such a short period of time, not allowing for an adjustment. Meanwhile, the greenback is also performing better of late, just not so well vs the yen. With the forthcoming EU referendum on 23rd June, the EZ will be under the spotlight and the greenback might be considered a better place to invest, underpinning stability in recent ranges for USD/JPY, leaving 110.00 a little out of reach perhaps. We now await US GDP tomorrow, and here our US GDP live coverage's page for registration purposes to follow the event. USD/JPY levels Technically, Karen Jones, chief analyst at Commerzbank explained, "USD/JPY has held the 110.98 recent low, it has provoked a sharp rebound which has eroded the accelerated downtrend and for now we will exit our short positions. We target the 106.63/38.2% retracement of the move up from 2012 and the 105.40 2014 high longer term." For more information, read our latest forex news.