The USD/JPY has reached the 110.00 level. On Wednesday the support of the 110.00 level and the weekly S3 were keeping the rate from falling. In general, there were two short term scenarios most probable for the pair.
The rate could trade sideways between the 110.00 level and the resistance of the 110.20 level until the resistance provided by the 55-hour simple moving average catches up to it.
On the other hand, if the pair drops below the 110.00 level, it will aim at the technical support provided by the 50.00% Fibonacci retracement level at 109.60.
