USD/JPY stalls but will US traders be able to push it through the resistance zone

• USD/JPY is halted at the 109.28 resistance level.
• Stocks in Europe have has a lacklustre session.

Today USD/JPY has lost some of the strong momentum that led it to test the 109.28 resistance level highlighted on the daily chart below.

Stocks in the EU session have been subdued despite some encouraging data. Ahead of the US stock market open S&P futures are marginally higher but nothing of material note. 

There have been some comments from Fed's Evans in the last few minutes leading into the open. He stated that the Fed is definitely accommodative at the moment and policy right now is not far from the neutral rate.

These are obviously risk supportive comments but as the Fed is now on more of a "wait and see" stance only more trade optimism can drive stocks higher it seems.

Earlier in the session, there was some bearish news from the IMF. They have cut their the Eurozone GDP forecasts and included Germany in its cuts. 

Looking at the daily chart below it seems that the bulls were stopped by the 109.28 resistance zone. The level has been used a few times in the past and it seems that if the stock market rallies it could come into play again. Often after stong risk rallies the market does consolidate and retrace slightly which is what seems to be happening today.