USD/JPY is testing the uptrend drawn from the February low at 101.50

USD/JPY is testing the uptrend drawn from the February low at 101.50. This level seems key for the near-term direction of the pair and a failure to hold this level could see a move below the key 100.00 level. I closed out my long idea last week and this seems to be prudent in hindsight and with Janet Yellen due to speak at midnight tonight, one suspect she will provide little reasons to be long the USD. We are seeing an improvement in US data, but the USD bears will be pointing to the lack of upside seen in US bond yields. For USD/JPY to make a concerted push higher we need to see better selling in the bond market and a renewed push back towards 3% on the 10-year.