The USD/JPY pair fell slightly during the course of the day on Thursday, as the 110 level offered enough resistance to turn the market back around a bit. Ultimately, this is a market that should continue to struggle the 110 level, so we can break down below the bottom of the range for the session on Thursday, it could be a selling opportunity. Regardless, we believe that there is a significant amount of resistance above the 110 level, extending all the way to the 111 level. At this point in time, expect a lot of volatility.
