The yen, which has been falling for five months, is within striking distance of the psychological 100-level against the dollar. So what could trigger a break through the key barrier? The answer, analysts say, could lie in U.S. economic data.
Japan's currency was trading at 99.25 per dollar on Tuesday, having fallen to as low as 99.88 on Monday.
But pushing through the 100-mark is proving tough and currency analysts say what the market needs is a fresh trigger.
(Read More: Close, Yet So Far – Yen Takes Another Stab at 100)
That's where U.S. economic data comes into play.
"The main thing that is stalling the run is the U.S. data that has slowed down a bit and is a little bit of an anchor on dollar-yen," said Boris Schlossberg, managing director at BK Asset Management said on CNBC's "Asia Squawk Box."